South Korea is introducing a supervisory fee for crypto exchanges based on their operating revenue. This fee aims to cover the costs of oversight and services provided by the Financial Supervisory Service （FSS）.
Points
- The fee is calculated based on the previous year’s operating revenue.
- Upbit, Coinone, and Gopax are among the exchanges subject to the fee.
- Korbit is exempt due to lower revenue.
- The decision to implement the fee was expedited due to upcoming inspections.
The South Korean government is set to introduce a six-figure supervisory fee for the nation’s crypto exchanges, calculated based on their operating revenue from the previous fiscal year. This move aims to compensate for the supervision and services provided by the Financial Supervisory Service （FSS）.
For the year 2024, the contribution rates have been outlined. Upbit’s supervisory fee amounts to approximately ₩272 million （$199,400）. Coinone and Gopax are expected to contribute around ₩6.03 million （$4,400） and ₩830,000 （$600） respectively. However, crypto exchange Korbit is exempt from the supervisory contribution due to its operating revenue of approximately ₩1.7 billion （$1.2 million） last year. This fee is applicable only to businesses with an operating revenue of 3 billion won or more.
New Rules for Korean Crypto Exchanges
Initially, local industry representatives suggested delaying the imposition of these supervisory fees on crypto operators. Despite these suggestions, the decision to implement the fees was expedited in anticipation of upcoming inspections by the FSS, following the enforcement of the Virtual Asset User Protection Act.