South Korea’s financial regulator plans to investigate transaction fees charged with domestic cryptocurrency exchanges, aimed at reducing trading costs for users, according to local media.
The South Korea’s Financial Services Commission (FSC) reported on Thursday.
Moving is part of The newly elected South Korean president Lee Jae-Myung’s Widely pro-crypto agenda. Lee reported promised To reduce crypto trading transaction costs to support young entrepreneurs as part of his presidential campaign.
As part of the investigation, the FSC plans to conduct a survey of crypto exchanges with their current fee systems, charge procedures and collected amounts.
Do local exchanges charge more than platforms abroad?
According to the Herald Economy, the FSC announced its plan to investigate crypto exchange fees during a policy briefing prior to the state planning committee, which serves as a presidential transfer group for the Lee Jae-Myung administration.
“We need to check if the current fees of domestic exchanges are an excessive burden on consumers and if they are at an appropriate level compared to other countries’ cases,” an FSC official said.
The FSC also noted that the authority has yet to set a rate of the target commission and plans to establish policy standards based on a comparison review of domestic and foreign exchanges and user preferences.
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This is a story development, and further information will be added as it is available.
