United Kingdom’s FCA Goes Into Detail On Regulations For Crypto-asset Businesses

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.

Download our App for getting faster updates at your fingertips.

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

Similar Articles



Please enter your comment!
Please enter your name here

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange


Most Popular

XRP’s Bearish Trend Proves Why It is One of the Preferred Cryptocurrencies

Popular altcoins such as Ethereum, XRP, Cardano, Chainlink, and Dogecoin observed their trading price soaring since the start of the month. XRP’s price...

NEM (XEM) Gaining Momentum, Bulls Set to Enter the Market

NEM Group recently announced the latest schedule for the launch of the mainnet Symbol on December 17, 2020EM noted the growth of over 56...

LISK [LSK] Anticipates Price Rise as Ascending Triangle Asserts Supremacy

The price volatility is re-entering in the cryptocurrency market in the past few weeks. Lisk is one such Low cap altcoin presently ranked at 60th...