CryptoUK: Stringent regulation by the UK Financial Conduct Authority is hindering the development of the cryptocurrency industry

CryptoUK, a self-regulatory organization for the U.K. cryptocurrency industry, has said that strict regulation by the U.K.'s Financial Conduct Authority (FCA) is hindering the development of the cryptocurrency industry. According to the organization, the registration process for U.K. cryptocurrency companies is long and difficult, which is hindering the growth of businesses. In the past 12 months, the U.K. regulator has only approved four out of 35 cryptocurrency business registrations. International law firm Reed Harris revealed that the FCA takes an average of 459 days to process an application for registration, which is equivalent to the time it takes to apply for a full banking license. Industry insiders are concerned that strict regulation could cause the U.K. to lose its competitiveness to more crypto-friendly regions. (Cointelegraph)