South Korea's Virtual Asset User Protection Act requires major crypto exchanges to pay supervisory fees and hold 80% of users' assets in cold storage.

South Korea's Virtual Asset User Protection Act requires major crypto exchanges like Upbit, Bithumb, and Coinone to pay supervisory fees, based on their operational revenue, to cover inspections by the Financial Supervisory Service (FSS). This new law, effective since July 19, also mandates crypto exchanges to hold at least 80% of users' assets in cold storage. Supervisory fees may reach a maximum of 300 million won ($220,000), but vary depending on each company's earning capacity.

August 01, 2024
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