UK Financial Supervisory Authority rejects 87% of cryptocurrency companies due to insufficient cleansing regulations

It has been revealed that over 87% of cryptocurrency companies that applied for registration with the UK Financial Conduct Authority (FCA) were rejected last year.
According to reports, a total of 35 companies applied for registration with the FCA last year, of which only four were approved.
The main reason why so many cryptocurrency companies have been denied approval is said to be the lack of regulations on money laundering.
Meanwhile, the UK regulator has warned that cryptocurrency companies should "make sure their practices are clear, fair and non-misleading."
Prior to this, the British law firm Reed Smith
Smith said in a report that it would take the FCA an average of four years to process the registration and approval process for a cryptocurrency exchange or custodian wallet provider.
We found out it would take 59 days."