South Korean crypto exchanges will pay regulatory fees starting next year, with Upbit’s annual regulatory fee being about 5 billion won

According to TechFlow, on December 3, according to Korean media inews24, the Financial Services Commission (FSC) of South Korea passed the amendment of the executive order of the FSC Establishment Act, and crypto exchanges such as Upbit, Bithumb and Coinone will pay regulatory fees from January 2025. The regulatory fees will be calculated based on operating income, and the expected rate is about 0.5% of revenue.

According to preliminary estimates, Upbit’s annual regulatory fees are about 5 billion won, Bithumb and Coinone are about 600 million and 100 million won respectively. Korbit is expected to be exempted from paying because its revenue is only 1.7 billion won. The regulatory fee will be used to pay for the FSC’s inspection and supervision services, accounting for 75.1% of the financial regulator’s annual budget.