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. The revised fee scheme takes into account the firms’ income to determine the amount they’ll be charged to cover supervision costs.
Also read: Singapore Introduces Licensing for Crypto Platforms, New Payment Services Act Now in Force
Two-Tier Fee Scheme Replaces Proposed £5,000 Flat Charge
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). The new two-tier system replaces the flat-rate charge of £5,000 that was proposed last year.
In October, the U.K.’s Financial Conduct Authority (FCA) issued a consultation paper with its proposals for recovering the oversight costs from the crypto sector under the country’s…