Published by Lubomir Tassev
bitcoin.com
Bitcoin.com via bitcoin.com
Young and small cryptocurrency businesses will pay lower registration fees than big companies, the United Kingdom’s financial watchdog has decided after consultations with members of the industry. Also read: Singapore Introduces Licensing for Crypto Platforms, New Payment Services Act Now in Force According to recently announced amendments to the registration regime, small crypto companies will pay £2,000 (around $2,600) for their applications while those with turnover from crypto-related activity exceeding £250,000 ($325,000) will face a higher fee of £10,000 ($13,000).
Some of the companies that provided feedback also noted that the fee proposed by the FCA was higher than a similar charge applied by the HM Revenue & Customs, Britain’s tax service, for anti-money laundering supervision. Respondents also asserted that the FCA had underestimated the size of the sector that might have much more than 80 entities, given that even already registered financial services companies will be required to apply and pay the new fee if they want to conduct cryptoasset activities.
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