Brexit: know-how Brexit has opened a new door for crypto industries in the UK?

“Brexit,” the proposed program to exit the European Union and to create an independent source other than the EU, is controlled by the United Kingdom. The United Kingdom had made an effort to leave the European Union Agreement and, for that reason, it introduced a public opinion in 2016. Following the survey, 52% voted to assume that leaving the EU will mean multiple opportunities and prosperity for the country. The remaining 48% voted to stay with the Union and did not want to break or amend the constitution.

The deal for the separation of the United Kingdom from the EU and Euratom was concluded on 24 January 2020 and was written on 17 October 2019. The 2016 survey asked the electorate whether they wanted to stay or leave. The agreement specified that the United Kingdom and Northern Ireland have decided to complete independence from the European Union and its nuclear energy program.

That was a short arrangement for the wind. Did you realize that this deal is not restricted to two unions? It is a global issue, directly or indirectly. Anything occurs in the United Kingdom as one of the developed countries, will it have an impact on global platforms? Not only does land technically differentiate from each other, but it also adds numerous conflicts to the framework.

How do you think that cryptocurrency will work for the new treaty? Is it a positive sign for the blockchain-based platform or it is shadowing the growth of the businesses of cryptocurrencies? It seems that after the releasing of the UK from the EU on 31st January 2020 is quite good news. From the beginning of the year, it whispered inside the crypto industry that the European Union is following a strict set of regulation for cryptocurrencies this year. Well, after the clear announcement of the detachment of two territories, EU’s law will no longer be scrutinized or amended in the UK.
It takes the next move for UK and blockchain firms. Shortly after the announcement to continue with the Brexit agreement, the United Kingdom embraces blockchain with open hands. While the EU is introducing a stringent enforcement framework under the Fifth Anti-Money Laundering Directive (5AMLD). After the formal split of the United Kingdom from the EU, the regulatory framework can no longer be caged by the United Kingdom.

So you may have been concerned that there will be a ton of support for cryptocurrencies in the new state? The reaction to that is no. As I have already stated, the United Kingdom is embracing independence and freedom of blockchain together, new approaches have already begun in the United Kingdom.

The first news that reflects how the UK will take a view on cryptocurrencies is lowering the registration fees for crypto companies. Low registration fees for cryptocurrencies will build a significant platform for the growth of the crypto industry on UK soil.

The new land is ready to take over the crypto markets, allowing small crypto companies to grow further. According to the UK Financial Conduct Authority (FCA), any cryptocurrency firm will pay a registration fee of £ 5,000 (~$6,500). Nevertheless, the payments can differ depending on the size of the companies. The price was high for small businesses and it raised questions about the fee structure of the FCA.

Accordingly, in the first and second year of operation, the CEO of the crypto company spent £ 650 and £ 5,100 respectively. If it only has to pay £ 5,000 for the regulatory procedure, it is much more than other issues such as penetration testing, safety and workers, etc. And accepting that a lot of high regulatory fees is like paying £ 1000 for a pencil.

Then the newly formed UK government agreed to change the fee structure of the crypto industry. The New Architecture also introduced far lower charges for the blockchain sectors. According to it, if the salary is less than or equivalent to £ 250,000 (~$325,000), the registration fee will be £ 2,000 (~$2,600). And for businesses with higher incomes of more than £ 250,000, they have to pay £ 10,000 (~$13,000) for licensing. This brand-new cryptocurrency industry registration fee structure will definitely accelerate the establishment and improvement of small crypto business in the UK.

Now that the law has revamped and reduced registration fees, many crypto-entrepreneurs are looking forward to beginning business in the UK, other people will never be happy. Still, some called for an absolute nil charge for the tiny cryptocurrency company after Brexit. But the current UK is also cautious about blockchain business regulations. The regulatory firm responded to those small businesses who raised their voices against the registration fee for the crypto company.

It said on a report, “Parliament has instructed us to regulate all crypto asset businesses conducting the activities listed in the legislation. It did not set any limits on size. We cannot choose who we will regulate. It is fair that all regulated businesses should contribute towards the costs of supervision.”
After Seveso, the new UK is ready for the crypto business, and new low registration fees are a true example of interest. It will be more vibrant in the coming days.

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