Strict FCA Regulations Hinder UK Cryptocurrency Industry Development

According to Odaily, the self-regulatory organization CryptoUK has raised concerns about the stringent regulations imposed by the UK's Financial Conduct Authority (FCA) on the cryptocurrency industry. The organization claims that the lengthy and challenging registration process for cryptocurrency companies in the UK is hampering their growth. Over the past 12 months, the FCA has approved only 4 out of 35 cryptocurrency company registrations. International law firm Reed Harris revealed that the FCA takes an average of 459 days to process a registration application, which is comparable to the time required for a full banking license application. Industry experts worry that such strict regulations may cause the UK to lose its competitive edge to more crypto-friendly regions.