One year since the implementation of the Virtual Asset Act... ₩120 billion paid as deposit interest by the five major exchanges

With the enforcement of the Virtual Asset User Protection Act last year, the five major exchanges paid users ₩120 billion in deposit interest fees over the course of one year.

According to data submitted by the office of Heo Young, a member of the National Assembly's Political Affairs Committee from the Democratic Party of Korea, and the Financial Supervisory Service (FSS) on the 28th (Korean time), five exchanges—Upbit, Bithumb, Coinone, Korbit, and GOPAX—paid ₩120,261,410,000 in deposit interest fees to customers from July last year to June this year.

The interest-like deposit fee for customer deposits became mandatory with the enactment of the Virtual Asset Act in July last year. Previously, the annual deposit fee rates were only around 0.1%, but the rates rose significantly after the law came into effect.

After the enforcement of the Virtual Asset User Protection Act, exchanges sharply increased deposit fee rates to attract users.

As of the end of June this year, the deposit utilization rates at domestic virtual asset exchanges are as follows: Upbit 2.1%, Bithumb 2.2%, Coinone 2.0%, Korbit 2.1%, and GOPAX 1.3%.