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 commence paying regulatory fees. These fees are levied based on their business revenue, totaling an estimated 300 million South Korean Won (220,000 USD). The regulatory burden for these service providers will be calculated based on their previous year’s business revenue and respective burden rates. Under the 2024 burden rate, Upbit is expected to pay approximately 272 million Korean Won (199,000 USD), Bithumb around 36.5 million Korean Won, Coinone 6.03 million Korean Won, and Gopax 830,000 Korean Won. Korbit, with a business revenue of approximately 1.7 billion Korean Won last year, is exempt from paying regulatory fees.
