South Korea’s Regulator Requires Crypto Exchanges to Pay a Supervisory Fee

Major cryptocurrency operators in South Korea will now need to pay a supervisory fee as part of the recently implemented Virtual Asset User Protection Act.

This is an important development for the country’s cryptocurrency industry. According to local reports, the fee, which will be based on their operating income, is expected to be around 300 million won ($219,992) for these leading exchanges.

This new financial obligation could potentially pose challenges for certain 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 “Regulations on the Collection of Financial Institution Contributions, etc.”