On August 1st, with the implementation of the “Virtual Asset User Protection Act” in South Korea, virtual asset service providers such as Upbit, Bithumb, and Coinone will also start paying regulatory fees. The regulatory fees will be levied based on the operating revenue, with a total amount estimated to be 300 million Korean won (220,000 US dollars). The regulatory burden for virtual asset service providers will be calculated based on the operating revenue and burden rate of the previous fiscal year. According to the burden rate calculation for 2024, Upbit’s fees are approximately 272 million Korean won (199,000 US dollars), Bithumb is approximately 36.5 million Korean won, Coinone is 6.03 million Korean won, and Gopax is 830,000 Korean won. Korbit, with an operating revenue of approximately 1.7 billion Korean won last year, is not within the scope of paying regulatory burden.
