South Korea to investigate crypto exchange fees
The Financial Services Commission plans to survey local exchanges and compare fees with international platforms before setting new policies.
South Korea’s Financial Services Commission (FSC) has announced an investigation into the transaction fees charged by domestic cryptocurrency exchanges. The regulator will assess if fees are too high and consider ways to reduce trading costs.
The inquiry aligns with President Lee Jae-myung’s pro-crypto agenda. Lee promised during his campaign to reduce trading fees, notably to support younger investors.
The FSC intends to survey local exchanges about their current fee systems and compare them with overseas platforms to set future policy standards.
Earlier this year, South Korea’s regulator introduced a 0.6% supervision fee on exchanges’ operating revenues.
The fees collected from major exchanges like Upbit and smaller players such as Bithumb and Coinone contribute significantly to the overall industry revenue. The FSC has yet to comment on the investigation’s next steps.
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