UK Crypto Industry Says FCA's Strict Regulations are Hindered Growth

ChainCatcher reports, citing Cointelegraph, that CryptoUK, the UK's self-regulatory body for the crypto industry, has stated that the Financial Conduct Authority's (FCA) stringent regulations are hindering the growth of the crypto sector.

According to the organization, the registration process for UK crypto companies is lengthy and challenging, creating obstacles for business development. In the past 12 months, UK regulators have only approved four out of 35 crypto businesses seeking registration.

Reed Harris, an international law firm, revealed that the FCA takes an average of 459 days to process a registration application, the same amount of time required for a full banking license. Industry insiders fear that strict regulation could cause the UK to lose its competitive edge against crypto-friendly regions.