The Financial Services Commission (FSC) of South Korea has initiated a thorough review of the fees paid by users on local cryptocurrency exchanges. The analysis aims to identify potential excessive charges and ensure transparency in the mechanisms behind their formation.
This is reported by Бізнес • Медіа
FSC to Investigate the Impact of Fees on Users
According to a report from the Committee on Government Affairs Planning, the regulator will conduct a study covering the fee structure, collection methods, and payment amounts on major South Korean crypto exchanges. The goal of this analysis is to determine whether the current rates impose an excessive burden on consumers and whether they align with the fee levels on foreign platforms.
“We need to examine whether the current fees of domestic exchanges are an excessive burden for consumers and whether they are at an appropriate level compared to foreign exchanges,” a representative of the FSC stated in a press comment.
The President’s Position and Future Initiatives
During the election campaign, newly elected President of South Korea Lee Jae-myung promised to reduce the fee rate from 0.05% to 0.015%. This approach is expected to lower costs for users and enhance the competitiveness of local platforms. The FSC’s assessment will be an important step in determining the need for further government intervention regarding the formation and collection of fees.
The review will cover the leading exchanges in the country, including Bithumb, Upbit, and Coinone. Meanwhile, the FSC did not specify which rate the regulator would aim for if new decisions are made.
It is worth noting that Lee Jae-myung holds a progressive stance on the digital asset market. The President supports the implementation of spot Bitcoin ETFs and the launch of stablecoins tied to them, indicating his commitment to developing the country’s crypto industry.