Not that extreme. Theyre just going to leverage the ICO regulation to increase the digital tracking of everything we do:
In December meanwhile,
more stringent identification of virtual currency holders who convert funds to fiat will come into being, with the onus on businesses to ensure they can identify customers behind the conversions.
Banks will also monitor unusual cashflow events.
We will start the transaction by confirming the identity of the bank and monitoring the flow of funds, the official continued.
It will facilitate tracking of funds
and provide a basis for preventing money laundering such as suspicious transaction reports."
Japan on it's move to regulate cryptocoins, has started licensing exchanges operating inside it's jurisdiction.
https://www.bitsonline.com/japanese-exchanges-licenses/Quoinex becomes the first to get such license followed by bitflyer.
So, are we going towards more kyc, identity verification, source of income, income tax, profit tax, remittance tax?