[The UK's ambition to become a cryptocurrency center is frustrated by regulatory obstacles] Golden Finance reported that cryptocurrency companies have withdrawn their applications due to the cumbersome and time-consuming regulatory process of the UK Financial Conduct Authority (FCA). In the past three years, 186 companies have withdrawn their applications to register in the UK, reflecting dissatisfaction with the UK's regulatory environment. According to Reed Smith data, from May 2023 to April 2024, the FCA received only 29 registration applications, a sharp drop from the figures in the previous two years. The number of applications in the first quarter of this year was only 7, the lowest in three years. The average approval time for FCA's crypto registration applications is 459 days, and some companies have been waiting for decisions for more than two years. This slow approval process has prompted many crypto companies to seek a more efficient foreign regulatory environment. Although the FCA emphasizes the importance of market integrity and consumer protection, frustration within the industry continues to increase, threatening the UK's ambition to become a global digital asset center.