CoinVoice has recently learned that according to Cointelegraph, the UK cryptocurrency industry self-regulatory organization CryptoUK stated that the strict supervision of the UK Financial Conduct Authority (FCA) is hindering the development of the cryptocurrency industry.

According to the organization, the registration process for cryptocurrency companies in the UK is long and difficult, which has hindered the development of businesses. In the past 12 months, the UK regulator has approved only four of the 35 cryptocurrency companies registered.

International law firm Reed Harris revealed that the FCA takes an average of 459 days to process a registration application, which is equivalent to the time it takes to apply for a full banking license. Industry insiders are worried that strict regulation may cause the UK to lose competitiveness to more crypto-friendly regions. [Original link]