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[Alpha Biz= Reporter Kim Minyoung] Regulatory Fees for Cryptocurrency Exchanges Upbit, Bithumb, and Coinone Confirmed
Under the new Cryptocurrency User Protection Act, major cryptocurrency exchanges including Upbit, Bithumb, and Coinone will be required to pay supervisory fees starting next year. These fees are based on the operating revenue of the exchanges.
On August 1, the Financial Services Commission (FSC) announced proposed amendments to the Enforcement Decree of the Financial Services Commission Act and the Regulations on the Collection of Financial Institution Fees. According to the revisions, cryptocurrency businesses will now be subject to supervisory fees for Financial Supervisory Service (FSS) inspections.
The introduction of the Cryptocurrency User Protection Act has included cryptocurrency businesses in the FSS inspection scope. The supervisory fees for these businesses will be calculated based on their operating revenue from the previous fiscal year, according to the established rate.
For 2024, the supervisory fee rate for financial investment firms (excluding collective investment managers, investment advisers, and investment managers) is set at 0.014% of operating revenue. Applying this rate, the total supervisory fee is expected to be around 163 million won. Upbit will bear approximately 141 million won of this amount, based on Dunamu's 2023 consolidated financial statements. In contrast, the fees for Bithumb, Coinone, and Gopax are expected to be minimal. Coinbit, with last year's operating revenue around 1.7 billion won, is anticipated to be excluded from the fee obligations.
These supervisory fees, to be implemented starting next year, may vary depending on the final fee rate and operating revenue figures determined for cryptocurrency businesses in the coming year.
The supervisory fee is a quasi-tax fee paid by financial institutions subject to FSS inspections as compensation for oversight and services. It applies to businesses with operating revenue exceeding 3 billion won and constitutes a significant portion of the FSS's budget, accounting for 75.1% of the 2023 budget.
AlphaBIZ Kim Minyoung(kimmy@alphabiz.co.kr)
