Upbit, Bithumb, Coinone to be Assessed Supervisory Fees

IconCryptoNewsTerminal Staff01 Aug, 2024

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Upbit, Bithumb, Coinone to be Assessed Supervisory Fees

Upbit, Bithumb, and Coinone to Pay Supervisory Fees As per Anews24, virtual asset firms like Upbit, Bithumb, and Coinone will be subjected to supervisory fees under the newly enforced Act on the Protection of Virtual Asset Service Users and Others. The fee is determined by operating revenue, amounting to an estimated total of 300 million won. A supervisory fee is comparable to a quasi-tax fee paid by financial institutions under the supervision of the Financial Services Commission (FSC), in exchange for oversight and services. It applies to supervised businesses with operating revenues of 3 billion won or more. Industry experts anticipated a delay in the imposition of supervisory fees on virtual asset businesses. However, the decision was reportedly expedited due to the FSC's impending inspection following the implementation of the Act on the Protection of Virtual Asset Service Users and Others.

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