🇬🇧 The UK's cryptocurrency dream encounters regulatory challenges
🎯 The UK has always had a big dream, which is to become the center of global cryptocurrency. However, this dream seems to be difficult to achieve, because the supervision of the UK Financial Conduct Authority (FCA) is too strict, and the approval process is so slow that it makes people doze off. This makes many cryptocurrency companies unable to wait, and they directly withdraw their applications and choose to develop in other countries.
📉 According to a report by the law firm Reed Smith, the number of cryptocurrency companies that want to register in the UK has dropped by more than half in the past three years. Take this year as an example. The FCA has only received 29 applications so far, which is much less than last year and the year before. Moreover, the number of applications in the first quarter of this year is the lowest in three years, which shows that everyone is increasingly dissatisfied with the FCA's approval process.
🕒 However, it takes an average of 459 days, or more than a year, to approve a cryptocurrency company's registration application in the UK! Some companies even have to wait for more than two years to get a response. This slow approval speed has caused many companies to choose to leave the UK and go to places where approval is faster.
🏢 Now, more and more people feel that the UK is not attractive enough for cryptocurrency companies. Even some large exchanges are looking for a more relaxed environment. There are concerns that the UK is applying these outdated rules to this fast-growing industry, which will not only hinder innovation, but also make companies move to more cryptocurrency-friendly countries.
🔄 Although the FCA says that they are doing this to protect the market and consumers, many people feel that the UK needs to reform or it will lose competitiveness in the global cryptocurrency market.
🤔Therefore, in order to achieve a balance between regulation and market development, cooperation and dialogue between regulators, policymakers and industry leaders are crucial. Through this cooperation, both regulatory policies can be ensured and the market can have enough room to develop to anticipate and adapt to future changes.
💭 In the end, do you think the UK is protecting consumers or providing more obstacles for the development of cryptocurrency companies? Let me know your thoughts in the comments!
