DAXA Establishes Model Guidelines for Calculating Usage Fee Rates on Cryptocurrency User Deposits

Effective from the 18th

The Digital Asset Exchange Association (DAXA) announced on the 7th that it has established and released the "Model Guidelines for Calculating User Deposit Usage Fees for Virtual Asset Service Providers."

Developed with the support of regulatory authorities, these model guidelines by DAXA include ▲criteria for calculating and paying user deposit usage fees ▲methods for periodic recalculation of usage fees ▲internal review by a committee and establishment of internal payment standards.

According to Article 5 of the current "Virtual Asset Business Supervision Regulations," Virtual Asset Service Providers (VASPs) must establish and operate standards for calculating user deposits and payment procedures.

DAXA member companies plan to prepare their own internal regulations based on these model guidelines and implement them starting from the 18th.

The model guidelines stipulate that when calculating deposit usage fees, operational profits and direct and indirect costs should be reasonably considered, and no differentiation should be made between users. Additionally, except in exceptional cases such as unexpected fluctuations in operational profits, usage fees should not be paid from sources other than operational profits from user deposits.

The guidelines also require periodic reassessment of deposit usage fees at least once per quarter to verify their appropriateness. This process must undergo prior review by an internal review committee and confirmation by a compliance officer.

The recalculated usage fees must be announced on the website and notified individually to users at least 7 business days in advance. DAXA also plans to provide a comparative disclosure service of member companies' deposit usage fees through its official website.

Kim Jae-jin, Executive Vice Chairman of DAXA, stated, "With the legal basis established to pay operational profits from deposits to users, DAXA member companies have discussed reasonable calculation standards and procedures together. We hope that these model guidelines and the disclosure of rates will serve as a good benchmark for both domestic users and businesses."