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British Authority Revises Registration Fee for Crypto Businesses

British Authority Revises Registration Fee for Crypto Businesses

British Authority Revises Registration Fee for Crypto Businesses-techcryption

The British Financial Conduct Authority (FCA) has allegedly made revisions to its registration fees structure for crypto businesses. Previously, the FCA had filed a fixed fee of £5,000 for all crypto businesses. The old fee was said to be too high for start-ups and too low for big platforms.

The new structure, however, indicates fair calculation as a crypto activity up to £250,000 will be charged £2,000 registration fees. While those firms with an income of more than £250,000 will have to pay £10,000.

However, some respondents argue that small businesses should not pay fees and some suggested that they should not be regulated at all. The FCA then confirmed that the parliament has instructed them to regulate all crypto-asset businesses, noting that all regulated businesses should contribute towards the costs of supervision.

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The relevant changes have been made on 10th January 2020, with it being effective on 13th January 2020. Additionally, fees are not refundable if the business application is rejected.

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