Korean cryptocurrency exchanges will start paying regulatory fees from next year, with Upbit's annual regulatory fee being approximately 5 billion won

According to Deep Tide TechFlow news, on December 3rd, Korean media inews24 reported that the Financial Services Commission (FSC) of South Korea has amended the enforcement order through the (FSC Establishment Act), stating that cryptocurrency exchanges like Upbit, Bithumb, and Coinone will start paying regulatory fees from January 2025. The regulatory fees will be calculated based on operating revenue, with an estimated rate of about 0.5% of revenue.

According to preliminary estimates, Upbit's annual regulatory fee is approximately 5 billion won, while Bithumb and Coinone are about 600 million and 100 million won respectively. Korbit, with revenue of only 1.7 billion won, is expected to be exempt from payment. This regulatory fee will be used to pay for the FSC's inspection and supervision services, accounting for 75.1% of the annual budget of financial regulatory agencies.