As the country officially left the European Union (EU) on January 31st, 2020, the UK has also taken steps to become more cryptocurrency-friendly. It has amended existing regulations to reduce the registration fees for crypto-related businesses.
Encouraging Small Cryptocurrency Firms
The UK Financial Conduct Authority (FCA), in a newly released document, has restructured the registration fee for crypto companies. The reduction is notable and it could be seen as a way to encourage small crypto businesses.
According to the regulator, the new structure, which came into force last month, will ensure that crypto businesses with an income of up to £250,000 pay a registration fee of £2,000. On the other hand, larger firms generating more than £250,000 will pay £10,000.
The FCA had earlier suggested a fixed fee of £5,000 for all categories of crypto businesses in the country. However, the regulator decided to amend the charges after receiving negative feedback from the community that the fee is too high for small businesses.
The amendment is a milestone for small business owners in the UK looking to register their projects as the change reflects a £3,000 reduction in the registration fee.