ss plans, the FCA has made the current amendments to provide concessions in the fees, reducing them to £2,000 and £10,000 based on income generated from their trading businesses.
The application fee is not refundable under the case that the applicant refuses registration. If an ineligible applicant applies, maximum efforts will be made from the FCA’s part to refund the application fees. The fees will also not be refunded if the business had been using the gateway to test their eligibility.
Some suggestions that were made also included avoiding regulatory fees and regulation entirely for smaller businesses. On which the FCA responded with no commiseration by stating that they were obliged by Parliament instruction to regulate all crypto-asset businesses regardless of their operational scale.
The FCA believes that it is only fair that all crypto-asset businesses contribute a small portion of their income to the supervision and regulation of their trade. The FCA also states that smaller brokers who trade for a hobby may not have to be registered under the MLRs since it doesn’t qualify as a business. Such brokers should ideally, therefore, check whether they are obliged to be registered under the FCA.