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UK Financial Watchdog Accelerates Crypto Approvals Amid Industry Criticism
UK Financial Watchdog Accelerates Crypto Approvals Amid Industry Criticism
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BTCCSquare news:
The Financial Conduct Authority has slashed processing times by two-thirds, approving five firms—including BlackRock and Standard Chartered—since April. Acceptance rates now stand at 45%, a dramatic increase from less than 15% in prior years.
Applications have dwindled from 46 to 26 annually, reflecting tighter FCA compliance demands. Firms must demonstrate robust anti-money laundering controls to operate in the UK crypto market.
This regulatory pivot signals Britain's attempt to balance oversight with industry growth. As one compliance officer noted: 'Speed without compromise is the new mantra.'
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