Lee Jae-myung, the newly elected president of South Korea, has pledged to lower transaction costs for crypto trading as a key element of his presidential campaign.
“South Korea’s financial regulator is set to investigate the transaction fees charged by local cryptocurrency exchanges, with the goal of lowering trading costs for users, according to local reports.
The Financial Services Commission (FSC) will initiate a probe into the fees imposed by domestic trading platforms and consider potential regulatory measures, as reported by the Herald Economy on Thursday. This initiative aligns with the broader pro-crypto agenda of newly elected President Lee Jae-myung, who has promised to reduce transaction costs for crypto trading to support younger investors during his campaign.
As part of the investigation, the FSC plans to survey crypto exchanges about their current fee structures, charging methods, and total amounts collected.
Are local exchanges more expensive than their international counterparts? The FSC revealed its plans to examine exchange fees during a policy briefing with the State Affairs Planning Committee, which acts as a transition team for the Lee administration.
An FSC official stated, “We need to assess whether the fees of domestic exchanges place an excessive burden on consumers and how they compare to those abroad.” The FSC has not yet determined a target commission rate and intends to establish policy standards based on a comparative analysis of both domestic and international exchanges, along with user preferences.
Source: Cointelegraph Edited by Bernie S.