UK FCA: Only 41 of the 300 crypto companies that applied for registration in two years were fully approved

The Financial Conduct Authority (FCA) of the United Kingdom issued recommendations for registration of encryption companies, covering matters that applicants need to consider before, during and after submitting a registration application to the FCA. When preparing an application, encryption companies should include details of their business models. information, roles and responsibilities of business partners, and demonstrate a comprehensive business risk assessment capability, "this feedback should assist the applicant in preparing the application for registration and help make the process as simple and efficient as possible." The FCA said that since the registration system opened two years ago, only 41 of the 300 cryptocurrency companies that applied to register were fully approved, 195 companies withdrew their applications, and 29 were rejected.