South Korean financial regulatory agency imposes 0.6% regulatory fee on cryptocurrency exchanges

According to the Electronic Times, the Financial Supervisory Service (FSS) of South Korea has required cryptocurrency exchanges to pay a total of 7.9 billion Korean won (approximately 5.54 million US dollars) in annual regulatory fees. The fee is set at 0.6%, higher than the initial estimate of 0.4%. These fees need to be paid quarterly before the end of March, May, July, and October each year. Except for Korbit (whose revenue is less than 3 billion Korean won, approximately 2.08 million US dollars), the cost allocation is as follows: Upbit operator Dunamu will pay 6.7 billion Korean won (approximately 4.64 million US dollars); Bithumb paid 900 million Korean won (approximately 624000 US dollars); Coinone paid 150 million Korean won (approximately 104000 US dollars); Gopax paid approximately 21.35 million Korean won (approximately 14800 US dollars). The total cost of the four major exchanges is approximately 7.9 billion Korean won (approximately 5.54 million US dollars).