The government will make it mandatory to report any cryptocurrency trade over W10 million a day to financial authorities as it struggles to rein in speculative and illicit trading (US$1=W1,075).

The Financial Services Commission and Financial Supervisory Service on Tuesday announced guidelines intended to curb money laundering which will go into effect next week.

Any more than five deals a day by a single person must be reported regardless of the amount, and banks must also report people conducting more than seven cryptocurrency a week or deals that exceed W20 million over that period.

The information will be gathered by the commission's Financial Intelligence Unit, which will notify law enforcement authorities and the National Tax Service if certain transactions appear to involve money laundering.