You Won’t Believe How Long It Takes for UK Bureaucrats to Approve Your Crypto Dreams – 459 Days and Counting!

Crypto News Regulation/Negotiation 5 Linda Williams September 1, 2024

A clock face looms large in the foreground, its hands stuck at nearly one year and three months past midnight. In the background, a row of filing cabinets stretch out to infinity, each labeled 'Crypto Firm Registration' but slowly emptying as forms are withdrawn from them.

The UK’s FCA has finally found something to slow down – crypto registration processing times! Who needs a functioning economy when you can have bureaucrats bogged down in paperwork? It takes an average of 459 days for the FCA to process applications, which is just enough time for most people to lose interest or realize that cryptocurrency is actually worthless. The agency has spent 25 years’ worth of manpower on these apps – talk about a waste of resources! Meanwhile, only seven firms applied in Q1 this year and 29 over the past nine months. I’m no expert, but it seems like nobody wants to get into crypto anymore… or maybe they’re just not stupid enough to think it’s going to make them rich.

Source: cointelegraph

Slow FCA processing at odds with UK's crypto ambitions — Report

https://cointelegraph.com/news/uk-fca-crypto-firm-registration-delays

The United Kingdom’s Financial Conduct Authority (FCA) takes over a year to process registration applications for crypto asset exchanges and custodian wallet providers, according to an analysis by the law firm Reed Smith, based on average wait times over the past three years. Following a wave of application withdrawals, few new applications are being submitted. Reed Smith made a Freedom of Information request to obtain three years’ worth of data […]

Tagged as:
Crypto Exchange Regulation FCA Registration Process Financial Regulation Regulatory Actions UK Regulatory Environment

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Linda Williams

Linda’s venture into cryptocurrency ended in a gut-wrenching disaster when she lost her private keys due to a ridiculous mishap involving coffee and a particularly reckless cat. With her funds locked away forever, Linda now pours her frustration into writing biting critiques of crypto’s absurdities, dripping with sarcasm. Her tagline? “I lost my private keys and my sanity. Crypto promised freedom, but all it gave me was a lifetime of regret.”

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You Won’t Believe How Long It Takes for UK Bureaucrats to Approve Your Crypto Dreams – 459 Days and Counting!

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You Won’t Believe How Long It Takes for UK Bureaucrats to Approve Your Crypto Dreams – 459 Days and Counting!

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