Cryptocurrency Exchange Supervision Fee Rate Finalized at 0.6%

Uk Jin

Summary

The Financial Supervisory Service has announced that it will impose a supervision fee of 0.6% on cryptocurrency exchanges.
This supervision fee will be imposed considering the scale of inspection personnel input for financial institutions with operating revenues of 3 billion won or more.
Major exchanges including Dunamu, Bithumb, Coinone, and Gopax will have to pay a total of 7.9 billion won in fees this year.

Starting this year, supervision fees will be imposed on the virtual asset (cryptocurrency) industry. The rate has been set at 0.6%.

According to industry sources on the 18th, the Financial Supervisory Service (FSS) issued supervision fee notices to cryptocurrency exchanges on the 13th. The fee rate has been set at approximately 0.6% of operating revenue (sales).

The supervision fee is a charge collected by the FSS in exchange for supervising and examining financial companies. For banks, securities firms, and insurance companies with operating revenues of 3 billion won or more, the fee rate is determined by considering total liabilities or operating revenue along with the scale of inspection personnel input. From this year, virtual asset service providers have also been designated as subjects for supervision fees.

Operating revenue is based on the 2023 fiscal year. According to the electronic disclosure system, the operating revenues for that year were: Dunamu 986.2 billion won, Bithumb 135.8 billion won, Coinone 22.4 billion won, Korbit 1.6 billion won, and Gopax 3.0 billion won.

Accordingly, except for Korbit, Dunamu must pay about 6.7 billion won, Bithumb 900 million won, Coinone 150 million won, and Gopax 21.35 million won as supervision fees. In total, the four major exchanges must pay about 7.9 billion won.