Upbit, Bithumb, and Coinone will start paying regulatory fees expected to total 300 million won
With the implementation of the Virtual Asset User Protection Act, virtual asset service providers such as Upbit, Bithumb, and Coinone will also start paying regulatory fees. Regulatory fees are levied based on operating income and are expected to total 300 million won (220,000 USD).
The regulatory contribution of virtual asset service providers will be calculated based on the operating income and contribution rate of the previous operating year. According to the 2024 contribution rate, Upbit's fee is about 272 million won ($199,000) and Bithumb is about 36.50 million won. Coinone and Gopax are 6.03 million won and 830,000 won respectively. Korbit, which had operating income of about 1.70 billion won last year, is not covered by the regulatory contribution. The actual regulatory contribution collection will be implemented from next year.
It is understood that the "supervision fee" is a quasi-tax paid by financial companies and other Financial Institution Groups that are inspected by the Financial Supervisory Authority to the Financial Supervisory Authority in exchange for supervision and services. Enterprises subject to supervision with operating income 3 billion South Korean won ($2.20 million) or more will be levied.