South Korea’s Virtual Asset User Protection Act mandates crypto exchanges like Upbit, Bithumb, and Coinone to pay supervisory fees starting next year. These fees, totaling around 300 million won ($220,000), are based on the firms’ operating income.
The Financial Services Commission announced this on July 1, with the fee calculated using a 2.686818 per 10,000 won rate. Upbit is expected to pay 272 million won ($199,592), while Bithumb’s fee is 21.14 million won ($155,157).
Despite the rapid implementation, many exchanges face challenges, as Coinone and GOPAX operate at a loss. This move underscores the growing focus on preventing unfair trade practices in the booming virtual asset market.
