ChainCatcher news, according to Cointelegraph, the UK's cryptocurrency industry self-regulatory organization CryptoUK stated that the strict regulations from the Financial Conduct Authority (FCA) are hindering the development of the cryptocurrency sector.According to the organization, the registration process for UK cryptocurrency companies is lengthy and difficult, which poses obstacles to business growth. In the past 12 months, UK regulators have only approved 4 out of 35 cryptocurrency companies for registration.International law firm Reed Harris revealed that the FCA takes an average of 459 days to process a registration application, which is comparable to the time required to apply for a full banking license. Industry insiders are concerned that strict regulations may cause the UK to lose its competitiveness against more crypto-friendly regions.

ChainCatcher news, according to Cointelegraph, the UK's self-regulatory body for the crypto industry, CryptoUK, has released an in-depth guide outlining the "complexities" of complying with the UK's crypto travel rules to assist crypto businesses in adhering to the UK's travel regulations.When asked about the key considerations for businesses in complying with the travel rules, a spokesperson stated that the rules apply to companies registered with the Financial Conduct Authority (FCA) and involved in non-custodial wallet transfers and inter-crypto asset transactions, meaning from one UK crypto company to another.Cryptocurrency businesses based in the UK must collect, verify, and share information about the source of funds and beneficiaries when transferring digital assets to another cryptocurrency business. The spokesperson added that the characteristics of the transfer will determine the level of information that the businesses involved in the transfer should collect, verify, and transmit.It is reported that the UK previously implemented travel rules for crypto businesses under its jurisdiction. The rules require virtual asset service providers (VASP) to collect, verify, and share information related to crypto transfers. Under these rules, VASP must conduct a risk-based assessment before providing cryptocurrency to the recipient.

ChainCatcher news, according to CoinDesk, the UK crypto lobbying group CryptoUK stated that the Financial Conduct Authority (FCA) plans to ban cryptocurrency incentives, which could force crypto companies to relocate out of the country. They are calling for the FCA to provide clearer guidance on the upcoming cryptocurrency advertising rules, specifying what constitutes "qualified crypto assets" and "financial promotions."ChainCatcher previously reported that the FCA's new advertising rules are set to stipulate that, starting from October 8, 2023, companies marketing crypto assets to UK consumers will need to introduce a 24-hour cooling-off period for first-time investors and prohibit marketing that includes "refer-a-friend" rewards.