UK sets out plans to regulate crypto and protect consumers

In the EU, laws are developing requiring crypto service providers to identify illicit crypto uses. That being said, the UK’s authorities have taken a generally unadventurous but positive approach towards virtual currencies and the blockchain industry as a whole. The wait-and-see regulatory strategy has been recently substituted with a much-needed sandboxing program that allows for some form of cryptocurrency regulation in the UK, without actually having it. Virtual currencies don’t fit easily into the existing financial regulatory regimes, and the UK doesn’t specifically regulate them either.

Cryptocurrency Taxes in the UK

Taxes are determined on the basis of the persons involved in the business and depend on the nature of their activities, as well as such indicators as income, profits and costs. In addition to the permit application fee, authorized companies must also pay a periodic fee, which is calculated using a specific formula and reported by the FCA on a case-by-case basis. In the first year, authorized companies have to pay only part of the fee . The application may be withdrawn during the authorization process, in which case the application fee will not be refunded. Applicants are usually withdrawn when they are unable to provide all the required information or because of missed legal deadlines. If a crypto company is prepared to test its innovations in the market, they can apply to the FCA’s Regulatory Sandbox.

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