South Korean regulators discuss joint fund for crypto exchanges

South Korean financial authorities have proposed creating a joint fund for cryptocurrency exchanges to finance social contribution activities, Herald Business reported exclusively. The initiative is part of a broader effort to improve governance and address the oligopoly in the virtual asset market. According to the report, the proposal is still in the conceptual stage with no concrete plans finalized. The report also suggested that the fund might only target the top market operators, as the two largest of the five won-denominated exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—control over 90% of the market.