South Korea has launched an official investigation into the fees charged by cryptocurrency exchanges, marking the first step towards fulfilling President Lee Jae-myung's promise to lower trading costs.
Announcement of the Investigation
The Financial Services Commission (FSC) of South Korea announced on June 19 the initiation of an investigation into transaction fees charged by major domestic cryptocurrency exchanges such as Upbit, Bithumb, and Coinone. This announcement was made during a policy report to the State Affairs Planning Committee.
Goals and Methods of the Study
The FSC aims to collect detailed data on how these exchanges structure their fees, how they are calculated, and their impact on users. The investigation will benchmark domestic fees against international standards to assess their reasonableness. A senior FSC official noted that the study will incorporate global best practices.
Regulatory Prospects and Market Impact
This initiative is seen as a foundation for broader regulatory reform. President Lee promised to slash transaction fees from 0.05% to 0.015%, aimed at alleviating financial pressure on retail investors, especially younger generations. Furthermore, the investigation signals a strategic shift in South Korea's approach to crypto regulation, focused on transparency and user protection.
The commencement of the investigation into crypto exchange fees in South Korea may significantly alter the approach to regulating the cryptocurrency sector and alleviate financial burdens on users.
