tl;dr

South Korean crypto exchanges like Upbit, Bithumb, and Coinone must now pay supervisory fees under the Virtual Asset User Protection Act. The fees, estimated at around 300 million won, are based on the firms' operating revenue. The new law includes virtual asset operators in the Financial Supervisor...

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Upbit, Bithumb, and Coinone must now pay supervisory fees under the Virtual Asset User Protection Act in South Korea. The fees, estimated at around 300 million won, are based on the firms' operating revenue.

The new law includes virtual asset operators in the Financial Supervisory Service’s inspection targets, with fees calculated from the previous fiscal year's revenue. The implementation of these fees, akin to a quasi-tax, is due to the rapid growth of the virtual asset market and the focus on preventing unfair trade practices.

While Upbit and Bithumb are better positioned to handle the fees, other exchanges operating at a loss, such as Coinone and GOPAX, will still have to pay.

The revised ‘Enforcement Decree of the Act on the Establishment of the Financial Services Commission, etc.’ and the updated ‘Regulations on the Collection of Financial Institution Contributions, etc.’ mandate that virtual asset operators must pay supervisory fees for inspections conducted by the Financial Supervisory Service starting from the coming year.

The supervisory fee is calculated based on the operating revenue from the previous fiscal year. For example, Upbit is expected to pay around 272 million won ($199,592), while Bithumb’s fee is estimated at 21.14 million won ($155,157). Coinone and GOPAX are expected to pay approximately 6.03 million won ($4,422) and 830,000 won ($608), respectively. However, Korbit is excluded from these fees.

These fees, similar to a quasi-tax, are charged to financial institutions subject to the Financial Supervisory Service’s inspections, including financial companies. Businesses with operating revenue of 3 billion won or more are required to pay this fee.

The imposition of supervisory fees on virtual asset operators has been introduced more rapidly due to the significant growth of the virtual asset market and the increasing focus on preventing unfair trade practices. This decision was made swiftly by the Financial Supervisory Service.

While Upbit and Bithumb are better positioned to handle these fees, many other crypto exchanges are operating at a loss. Since the supervisory fee is determined based on operating revenue, Coinone and GOPAX, which are experiencing losses, will still have to pay the fee.

More about United States Steel Corporation

United States Steel Corporation produces and sells tubular and flat rolled steel products primarily in North America and Europe. The company is headquartered in Pittsburgh, Pennsylvania.

Industry: Manufacturing, Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)

Market Cap: 9.15B

Current Price: $11.76

Price Change: $0.20

Change Percent: 3.46%

PE Ratio: 79.23

EPS: $0.0489

Revenue: 17.74B

EPS Estimate Current Year: $45.11

EPS Estimate Next Year: -$0.129

EPS Estimate Next Quarter: -$0.069

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 13 Nov 24
 13 Nov 24
 13 Nov 24