South Korea Launches Probe into Charges Imposed by Domestic Crypto Platforms
South Korea’s financial regulator, Financial Services Commission (FSC), intends to examine the trading fees charged by local cryptocurrency exchanges. The national watchdog may reduce the transaction fees that local users pay while using exchanges.
This follows reports that newly elected South Korean President Lee Jae-myung pledged to “reduce virtual asset transaction fees” during his election campaign.
The Planned Investigation
On June 19, South Korea’s FSC presented the new government initiative to the State Affairs Planning Committee, announcing plans to conduct a survey of various domestic cryptocurrency exchanges. The survey will examine their existing fee structures, the transaction fees collected, and the methods used to collect those charges.
The survey will also assess whether local exchanges are voluntarily disclosing relevant information.
At present, the financial regulator has not set a specific commission rate and plans to create guidelines after performing a comparative analysis of both domestic and international crypto exchanges. Major local platforms such as Bithumb, Upbit, and Coinone will be included in the review.
“We need to examine whether the current fees of domestic exchanges are an excessive burden on consumers and whether they are at an appropriate level compared to overseas cases,” an FSC official reportedly noted.
According to local reports, the investigation is expected to benefit young traders and is part of “the youth asset formation support policy.”
Following the investigation, the FSC will assess whether the transaction fees are reasonable and consider whether it should intervene in how domestic exchanges set their fee structures.
Recently, South Korea has shown a more welcoming stance toward crypto assets. Min Seok, a lawmaker from the Democratic Party, introduced a new bill focused on stablecoins, which outlines a licensing framework for stablecoin issuers.
The proposed legislation aims to lead to the development of a stablecoin pegged to the Korean won, with the goal of minimizing the outflow of domestic capital through stablecoins tied to foreign currencies.
The post South Korea Launches Probe into Charges Imposed by Domestic Crypto Platforms appeared first on Coinspeaker.
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South Korea Launches Probe into Charges Imposed by Domestic Crypto Platforms
South Korea’s financial regulator, Financial Services Commission (FSC), intends to examine the trading fees charged by local cryptocurrency exchanges. The national watchdog may reduce the transaction fees that local users pay while using exchanges.
This follows reports that newly elected South Korean President Lee Jae-myung pledged to “reduce virtual asset transaction fees” during his election campaign.
The Planned Investigation
On June 19, South Korea’s FSC presented the new government initiative to the State Affairs Planning Committee, announcing plans to conduct a survey of various domestic cryptocurrency exchanges. The survey will examine their existing fee structures, the transaction fees collected, and the methods used to collect those charges.
The survey will also assess whether local exchanges are voluntarily disclosing relevant information.
At present, the financial regulator has not set a specific commission rate and plans to create guidelines after performing a comparative analysis of both domestic and international crypto exchanges. Major local platforms such as Bithumb, Upbit, and Coinone will be included in the review.
“We need to examine whether the current fees of domestic exchanges are an excessive burden on consumers and whether they are at an appropriate level compared to overseas cases,” an FSC official reportedly noted.
According to local reports, the investigation is expected to benefit young traders and is part of “the youth asset formation support policy.”
Following the investigation, the FSC will assess whether the transaction fees are reasonable and consider whether it should intervene in how domestic exchanges set their fee structures.
Recently, South Korea has shown a more welcoming stance toward crypto assets. Min Seok, a lawmaker from the Democratic Party, introduced a new bill focused on stablecoins, which outlines a licensing framework for stablecoin issuers.
The proposed legislation aims to lead to the development of a stablecoin pegged to the Korean won, with the goal of minimizing the outflow of domestic capital through stablecoins tied to foreign currencies.
The post South Korea Launches Probe into Charges Imposed by Domestic Crypto Platforms appeared first on Coinspeaker.
Read More