Apparently not. If its bigger than a postage stamp the bicycle stops working or something.If you can fix a registration number to a motor bike you can fix it to a bicycle.Plain and simple
Its either too small to see or to big to put on as well, and its never been done before so it wont work.
Anyway its the first step toward a dictatorship by all accounts, so every time a cyclist breaks the law they are actually saving us from a dystopian nightmare.