South Korean Financial Regulator Focuses on Deposit Interest Rate Competition Among Virtual Asset Exchanges
Publication Time:2024-07-24 15:11:05
The Financial Supervisory Service of South Korea (FSS) has recently taken action by holding an emergency meeting with five major virtual asset trading platforms, including Upbit and Bithumb, focusing on the issue of deposit utilization fees. This move comes against the backdrop of increasing competition among exchanges over rates, especially after Bithumb proposed raising its annual interest rate to 4.0%, only to later withdraw this decision, sparking significant market attention. FSS emphasized the importance of reasonable and transparent deposit utilization fees and required the exchanges to provide detailed reports on their deposit operations and fee calculation methods to ensure fair and stable markets.
Financial Supervisory Service of South Korea
virtual asset exchange
deposit utilization fee rate
interest rate competition