ChainCatcher news, according to Cointelegraph, CryptoUK, the UK cryptocurrency industry self-regulatory organization, said 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 enterprises. In the past 12 months, British regulators have approved only 4 of the 35 cryptocurrency companies to register.

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 worry that strict supervision may cause the UK to lose competitiveness against more crypto-friendly regions.