• South Korea will impose a brand new “quasi-tax” on cryptocurrency exchanges.
• Exchanges together with Upbit, Bithumb and Coinone are going through new charges.
• The tax is meant to extend oversight and counter the menace posed by cryptocurrencies.

South Korea’s Monetary Companies Fee (FSC) has introduced an up to date regulatory framework following the implementation of the landmark Digital Asset Consumer Safety Act.

In an official announcement on August 1, main South Korean cryptocurrency exchanges resembling Upbit, Bithumb, and CoinOne introduced that Supervision payment Based mostly on working income.

This “supervisory levy” is actually a quasi-tax and is normally levied on monetary establishments supervised by the Monetary Supervisory Service (FSS). Firms with working revenues exceeding 3 billion gained are normally topic to this tax.

Below the Digital Asset Consumer Safety Act, digital foreign money exchanges are topic to supervision by the FSS. Supervision charges for these firms are decided by the earlier 12 months's working income and a pre-determined contribution fee.

From 2025 onwards, all cryptocurrency exchanges in South Korea will come below the supervision of the FSS and shall be accountable for:

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