Introducing supervisory fees marks a crucial step toward increased regulation and oversight.
In a significant development for the cryptocurrency industry in South Korea, major cryptocurrency operators such as Upbit, Bithumb, and Coinone will now be required to pay a supervisory fee as part of the newly enforced Virtual Asset User Protection Act.
According to local media, the levied fee based on operating income is estimated to be around 300 million won ($219,992) for the leading exchanges. This marks a new financial obligation that could pose challenges for specific platforms.
The Financial Services Commission (FSC) announced on July 1 the revised “Enforcement Decree of the Act on the Establishment of the Financial Services Commission, etc.” and the revised ‘Regulations on the Collection of Financial Institution Contributions, etc.'
