ChainCatcher news, according to Protos, based on a Freedom of Information request (FOI), the UK Financial Conduct Authority (FCA) has accumulated a processing time for crypto applications equivalent to 25 years. The Financial Times reported that the FOI submitted by the law firm Reed Smith shows that the average time for the FCA to assess crypto applications is 459 days.From May 2023 to April 2024, the number of submitted applications dropped to 29, a significant decrease compared to 42 and 59 in the previous two years. Only 7 applications were submitted in the first quarter of 2024.The report indicates that the number of crypto companies registered with the FCA has decreased by 51% over the past three years, with a total of 186 companies withdrawing their applications submitted to the financial regulator.Reed Smith partner Brett Hillis stated, "If the decline in applications is because crypto companies have given up waiting and started turning to overseas options, this should send a clear warning about London’s competitiveness."