UK FCA updates crypto application fee registration rules

The UK's Financial Conduct Authority (FCA) has published a handbook covering rules for application fees for registration of crypto asset companies. The document states that businesses in the UK whose crypto business earns no more than £ 250,000 (nearly $ 327,000) will need to pay a registration application fee of £ 2,000 (slightly more than $ 2,600), while companies with more than £ 250,000 will be required to pay £ 10,000 ( (Approximately $ 13,000). In October 2019, the FCA proposed a flat fee of £ 5,000 (about $ 6,500). In response, the FCA explained that the proposed £ 5,000 registration fee was too high for small companies and startups. In addition, the FCA emphasized that if the regulator refuses to approve the registration, the application fee will not be refunded. Earlier, from January 10, 2020, the UK Financial Market Conduct Authority (FCA) will oversee companies using crypto assets to conduct business. This change is part of the country ’s previous amendments to the anti-money laundering and counter-terrorism financing regulations.