2024.08.16
South Korean Crypto Exchanges Face New 6 Billion Won Annual Supervision Fee
South Korean crypto exchanges face a new 0.5% annual supervision fee, totaling about 6 billion won, following the Virtual Asset User Protection Act. This rate, set by the Financial Supervisory Service (FSS), is significantly higher than the 0.02% initially expected and exceeds fees in other financial sectors (0.004%-0.036%). The FSS cites increased supervision needs, but the industry argues the fee is disproportionate to their income and market size. Only a few large exchanges can afford it. The FSS is seeking industry feedback until next month, with crypto representatives urging a more suitable rate.
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