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, Galaxy Research's research director Alex Thorn posted on X platform analyzing Vice President Harris's stance on cryptocurrency, indicating that her choice of advisory team suggests she will continue to enforce the Biden administration's strict regulatory policies on cryptocurrencies.Harris collaborates with key anti-cryptocurrency officials such as Brian Deese and Bharat Ramamurti, both of whom were pivotal figures in promoting cryptocurrency regulation within the Biden administration. Deese previously published an article on the White House website emphasizing the risks of cryptocurrencies, while Ramamurti is regarded as the White House's top cryptocurrency critic. Their involvement implies that the Harris administration is unlikely to soften its stance on cryptocurrency policy and will continue to support stringent regulatory measures to protect consumers and the safety of the financial system.

According to ChainCatcher news and TokenPost reports, South Korea is set to implement a virtual asset user protection law, introducing a new strict regulatory framework for the digital asset market to enhance market transparency and security. The law specifically focuses on the regulation of NFTs, requiring companies that issue NFTs considered virtual assets to comply with stringent assessment and reporting standards.The Financial Services Commission has released detailed guidelines that clarify the classification criteria for NFTs as virtual assets, including parameters such as issuance scale, divisibility, and trading utility. Operators must ensure that their business activities comply with regulatory requirements to avoid criminal penalties. The new regulations will take effect on July 19, marking the beginning of South Korea's era of regulation for digital assets like NFTs.

ChainCatcher news, Nigeria imposes strict regulations on banks after lifting the cryptocurrency ban. Cryptocurrency providers can open bank accounts but cannot withdraw cash. Banks are still prohibited from holding or trading cryptocurrencies for themselves.

ChainCatcher news, FTX founder Sam Bankman-Fried (SBF) tweeted that FTX has enough assets to cover all user deposits and will not use customer assets for investment. Currently, FTX is still processing customer withdrawals. SBF stated that FTX is under strict regulation regarding customer assets and has undergone audits based on US Generally Accepted Accounting Principles, holding over $1 billion in cash. (Source link)