The FCA explains that cryptoasset scope change costs are £8m after deducting £1m that applicants contributed through application fees.
UK cryptoasset businesses
Payment and cryptocurrency trading platform Crypto.com got under fire in the UK for two in-app ads.
Research published by the FCA estimates that 2.3 million adults now hold cryptoassets, up from 1.9 million last year.
The FCA is extending the end date of the Temporary Registrations Regime for cryptoasset businesses to 31 March 2022.
The FCA extends the annual financial crime reporting obligation to a raft of companies, including cryptoasset firms.
The FCA admits its experience of processing applications indicates that the cryptoasset sector is going to be costly to supervise.
The FCA has established a Temporary Registration Regime to allow existing cryptoasset firms to continue trading.
The FCA believes a minimum fee of £2,000 for cryptoasset businesses would be more realistic.