UK Crypto Regulation Forces Startups To Pay $2,600 Registration Fee

The latest UK crypto regulation forces the crypto startups to pay a registration fee of $2,600 while those that have turnover from crypto-related activity that exceeds $325,000 will have to pay a higher fee of $13,000. The new system will replace the fiat-rate charge of $5,000 which was imposed in 2019 so let’s read more the latest crypto news.

Back in October, the UK Financial Conduct Authority forces the smaller companies and even issued a consultation paper that contained a few proposals for recovering the oversight costs from the entire crypto sector under the updated regulations from the country that use the EU’s AMLD5. The agency has been in the anti-money laundering and counter-terrorist financing supervising group of businesses operating with the digital assets. The major changes for the new UK crypto regulation were made by the FCA board on the same date and came in force at the end of January. The notice was published on 31^st.

The FCA was funded by the fees and levies from the companies that it regulates and estimated it would need to collect a total of $520,000 from the 80 applicants for the costs of the regulatory gateway and the application fees revision came after the authority received 29 consultation responses after a meeting with the crypto businesses:

‘’A strong message from a roundtable meeting with cryptoasset businesses on 18 October 2019, backed up by many of the written consultation responses, was that our proposed registration charge of £5,000 would be too high for small firms and startups.’’

The Financial Conduct Authority provides a few examples from the feedback received which influenced the decision and the chief executive of one of the small companies shared that a registration fee of 5,000 BP would have been as much as his entity spent in the first two years of launch. The representatives of other companies said that the proposed application will charge equals the six-month profit from the ATM. Some of the companies also noted that the newly proposed fee by the FCA was higher than a simpler charge by the tax service of Britain for anti-money laundering supervision. Others said that they doubt the cost of the regulatory gateway saying that the FCA’s decision is not transparent and they wonder how they got to the 400,000 BP figure.
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