South Korean cryptocurrency exchange Coinone has announced plans to no longer allow withdrawal of tokens to unverified external wallets starting in January.

In Wednesday’s announcement, Coinone Say Users must register their external wallet on the exchange from December 30 to January 23, after which it will restrict withdrawals. The exchange stipulates that crypto users can only register their own wallets, the verification process “may take some time” and may change in the future.

According to Coinone, it plan Verify user names and resident registration numbers issued to all South Korean residents to ensure that encrypted transactions “are not used for illegal activities such as money laundering.” Without knowing your customers or KYC protection measures, customers of the exchange may not be able to withdraw funds to their wallets. This restriction also applies to the popular hardware wallet Ledger.

In March, the South Korean government Implement previously passed bills This requires local cryptocurrency exchanges to meet the requirements for real-name accounts and ISMS certification, and report their operations within six months.Crypto users in the country will also see Implementation of tax rules The plan is to take effect in January-the rule will impose a capital gains tax on all cryptocurrency trading profits in excess of approximately $2,300.

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Since then, many exchanges including Bithumb have announced Restrictions and stronger KYC Anti-money laundering (AML) inspections are in response to South Korean lawmakers’ regulation of cryptocurrencies. However, Coinone may still accept wallets provided by exchanges that have already met KYC checks, including wallets from FTX and Binance.