On 13 January 2020, there was published on the FCA website, The Fees (Cryptoasset Business) Instrument 2020 (the Instrument).

The Instrument has been made by the FCA in exercise of the power conferred by regulation 102 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 as amended by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019.

The Instrument amends the FCA’s Fees manual to include the fees payable by persons wanting to make an application to the FCA to be registered as a cryptoassets business.

The registration fees are as follows:

  • £2,000 for cryptoassets businesses with revenue up to and including £250,000; and
  • £10,000 for cryptoassets businesses with revenue over £250,000.

The Instrument enters into force on 13 January 2020.

Our blog of 12 December 2019 covers the FCA’s webpage on the new anti-money laundering and counter-terrorist financing regime for crypto-assets and its fees for cryptoasset businesses.