The U.K.'s financial watchdog published advice for crypto companies after just 14% of the firms looking to win regulatory approval in the country passed muster.

The extensive list of tips covers what applicants need to consider before, during and after submitting their applications for registration to the Financial Conduct Authority (FCA).

In the post, the regulator said only 41 of the 300 crypto companies applying for registration since it opened its registration regime two years ago managed to win full approval. Of the applications considered, 195 companies were either refused or withdrew their application and 29 were rejected, the regulator said.