UK regulators have approved only four out of 35 crypto business registrations in the last 12 months, deterring others from engaging with the process.
The lengthy, difficult registration process for crypto firms in the United Kingdom is acting as a deterrent to business, according to one local industry group.
CryptoUK, a self-regulatory trade association for the UK crypto industry, said some of its members “have expressed reluctance about the process” under the scrutiny of the Financial Conduct Authority (FCA).
A CryptoUK spokesperson told Cointelegraph that its members have “heard stories from organizations that have gone through it, and it’s quite a deterrent. The application is a huge ask in terms of resources, people and finances.”
