The People’s Bank of China is seeking comments on a discussion paper issued to domestic bitcoin exchanges regarding standardization of Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements.

Local news source Caixin reports that the paper discusses two crucial aspects of digital currency trading platform. First relates to the establishment of anti-money laundering organizational structure and the second is regarding the establishment of a sound customer identification system.

The report further states that first-time virtual currency users will need on-site certification. The users will have to present the identification documents at the time of registration. Users engaging in business worth over 50,000 yuan will require a remote video certification for identification purposes.

The paper also states that digital currency firms should have senior management personnel responsible for anti-money laundering work. It also lists a series of suspicious transactions that need to focus on the specific behavior.

The Caixin report follows the efforts by the Chinese central bank to ensure regulatory compliance by domestic bitcoin exchanges since the beginning of this year.

BTC/USD is currently trading at 1025 levels, after it plunged to 944 levels on March 18 (Bitstamp).