South Korea to investigate fees of local crypto exchanges

South Korea’s financial regulator plans to investigate transaction fees charged by domestic cryptocurrency exchanges, aiming to reduce trading costs for users, according to local media.

South Korea’s Financial Services Commission (FSC) will launch a probe into transaction fees imposed by local trading platforms and review potential intervening measures, the Herald Economy  reported  on Thursday.

The move is part of  South Korea’s newly elected president Lee Jae-myung’s  broader pro-crypto agenda. Lee reportedly  promised  to reduce crypto trading transaction costs to support young traders as part of his presidential campaign.

As part of the probe, the FSC plans to conduct a survey of crypto exchanges on their current fee systems, charging methods and collected amounts.

Do local exchanges charge more than overseas platforms?

According to Herald Economy, the FSC announced its plan to investigate crypto exchange fees during a policy briefing before the State Affairs Planning Committee, which serves as a presidential transition team for the Lee Jae-myung administration.

“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 said.

The FSC also mentioned that the authority has not yet set a target commission rate and plans to establish policy standards based on a comparative analysis of domestic and foreign exchanges and user preferences.