FCA is consulting on how it will recover the costs it will incur when it becomes the AML/CTF supervisor for crypto-asset business from 10 January 2020. Treasury has not yet finalised the regulations that will implement MLD5 and therefore FCA does not know the precise activities that will be included within it. However, it is consulting on the basis of the proposals on which Treasury consulted, so it can have its regime in place in time. It expects that existing businesses will have a year to register and become compliant, while new businesses must register immediately.
FCA is proposing a registration fee of £5,000 and annual periodic fees based on income – and welcomes comments on what should be an appropriate minimum fee.
FCA needs comments quickly – by 11 November on the registration fee and by 10 December on periodic fees.