The Financial Supervisory Service (FSS) is considering imposing supervision fees on virtual asset operators in preparation for the Virtual Asset User Protection Act (VAWA) set to be enforced in July. This move, intended to fund the supervision and inspection systems, has drawn criticism from the virtual asset industry, which finds the fees burdensome. The FSS plans to finalize the fee structure in the latter half of the year, with discussions on the exact amount and basis for calculation still ongoing. The industry, already grappling with losses, fears the fees will exacerbate their financial strain, particularly since most operators except a few like Upbit and Bithumb have been unprofitable. The proposed fee exemption threshold is for operators with less than KRW 3 billion in revenue, but most exchanges exceed this, leading to concerns about increased deficits.

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