CryptoUK, the UK's self-regulatory body for the cryptocurrency industry, has stated that the Financial Conduct Authority (FCA)'s strict regulations are hindering the growth of the cryptocurrency sector. According to the organization, the registration process for UK cryptocurrency companies is lengthy and difficult, posing a significant obstacle to business development. In the past 12 months, UK regulators have only approved four out of 35 cryptocurrency company registration applications. Reed Harris, an international law firm, revealed that the FCA takes an average of 459 days to process a registration application, which is the same amount of time it takes to apply for a full banking license. Industry insiders are concerned that stringent regulations may lead to the UK losing competitiveness to more crypto-friendly regions. (Cointelegraph)