Upbit, Bithumb, and Coinone will start paying regulatory fees, expected to total 300 million won

ChainCatcher news, with the implementation of South Korea's "Virtual Asset User Protection Act," virtual asset service providers such as Upbit, Bithumb, and Coinone will also begin to pay regulatory fees. The regulatory fees are levied based on operating revenue, with a total expected to be 300 million KRW (220,000 USD).

The regulatory burden fees for virtual asset service providers will be calculated based on the operating revenue of the previous business year and the burden rate. According to the burden rate for 2024, Upbit's fee is approximately 272 million KRW (199,000 USD), Bithumb around 36.5 million KRW. Coinone and Gopax are 6.03 million KRW and 830,000 KRW, respectively. Korbit, which had an operating revenue of about 1.7 billion KRW last year, is not subject to the regulatory burden fees. The actual collection of regulatory burden fees will begin next year.

It is reported that the "regulatory fee" is a quasi-tax paid by financial institutions, such as financial companies, that are subject to inspections by the Financial Supervisory Service, in exchange for regulation and services. Enterprises with operating revenues exceeding 3 billion KRW (2.2 million USD) will be subject to this fee.