South Korea is launching an investigation into the transaction fees of local crypto exchanges to alleviate financial burdens on young traders.
Investigation of Exchange Fees
On June 19, South Korea's Financial Services Commission announced plans to investigate transaction fees charged by domestic crypto exchanges, marking the first concrete step towards President Lee Jae-myung's pledge to ease the financial burden for young traders.
Objectives and Scope of the Investigation
The FSC aims to examine current fee structures, fee collection methods, and revenue from transaction fees at major exchanges such as Bithumb, Upbit, and Coinone. The investigation will determine whether current fees impose an excessive burden on consumers and identify appropriate regulatory measures.
President Lee's Regulatory Plans for Cryptocurrencies
President Lee has also proposed reducing transaction fees from the current average of 0.05% to approximately 0.015%. He plans to legalize spot crypto exchange-traded funds (ETFs), gaining bipartisan support for this initiative.
The investigation into exchange fees is a significant move towards improving conditions for traders in South Korea, reflecting the government's commitment to a more transparent cryptocurrency market.
