According to BlockBeats, on December 3, according to inews24, the amendment to South Korea's (Financial Services Commission Establishment Act) has been approved by the cabinet and will be implemented on January 1 next year. It has been confirmed that Dunamu (Upbit), Bithumb, Coinone and other crypto asset business operators will be subject to regulatory fees in accordance with the (Virtual Asset User Protection Act) and will be subject to inspections by the Financial Supervisory Service starting next year.
Regulatory fees refer to the amount paid by financial enterprises such as banks, financial investment companies, and insurance companies as fees for the Financial Supervisory Service's "supervision and inspection services" to cover the Financial Supervisory Service budget, which accounts for about 75.1% of the total budget of the Financial Supervisory Service (based on the 2023 budget). The official payment rate will be determined around March next year, but it is understood that the regulator has notified the annual payment level of around 6 billion won, and the estimated tax rate is about 0.5% of operating income. Upbit is expected to bear about 5 billion won in regulatory contributions (based on the operating income of Dunamu's 2023 consolidated financial statements), and Bithumb and Coinone will pay about 600 million won each.