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UK FCA Accelerates Crypto Firm Approvals Amid Declining Applications
UK FCA Accelerates Crypto Firm Approvals Amid Declining Applications
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BTCCSquare news:
The UK Financial Conduct Authority has slashed crypto registration approval times by 66%, responding to industry pressure over bureaucratic delays. Processing now averages five months compared to 17 months in 2022, with acceptance rates tripling to 45%.
Five major firms including BlackRock and Standard Chartered secured registrations since April, signaling improved regulatory engagement. Paradoxically, application volume dropped 43% from 2023 levels, suggesting waning interest despite streamlined procedures.
The regulator now offers pre-submission consultations, reflecting a pragmatic shift in oversight approach. This comes as global institutions increasingly demand clearer crypto compliance pathways.
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