According to the U.K.'s FCA, trust will take precedence above speed when it comes to cryptocurrency registrations.

The industry has complained that the FCA approves cryptocurrency applications far too slowly. In four years, the agency has only granted approval to 45 enterprises.

In order to expeditiously register cryptocurrency companies, the Financial Conduct Authority (FCA) of the United Kingdom will not sacrifice its emphasis on trust, an executive from the national regulator stated on Thursday.

The FCA's executive director for markets and international, Sarah Pritchard, responded to industry concerns that the regulator takes far too long to register crypto businesses at TheCityUK conference.

"A simple focus on numbers could undermine trust and reputation," she warned.

The primary cryptocurrency regulator in the nation, the FCA, has been handling registrations for cryptocurrency companies looking to operate.

since 2020 and adhere to its laws regarding money laundering. Since the regime's inception, more than 300 businesses have attempted to obtain regulatory approval; only 45 of those businesses have been successful.

Businesses that have registered include asset manager Fidelity Digital Assets, payments platform Revolut, and cryptocurrency exchange Gemini. But it can take some time to complete.

Industry insiders informed CoinDesk last year that they had to wait more than a year for the FCA to respond to their registration application.

Pritchard stated that while expediting the process would appear better, doing so could ultimately hurt customers in her statements on Thursday.

"Lower standards could expose our market to abuse by those looking to launder money obtained illegally, harming the market." honesty and faith in the banking system,"stated Pritchard.

Rather, we adopt an extended perspective. Building and sustaining trust is essential to the success of cryptocurrency, as well as any base for cryptocurrency businesses.