Catenaa, Saturday, September 27, 2025- The UK financial regulator has sped up its review of cryptocurrency applications, reducing approval times by two-thirds and lifting acceptance rates after years of criticism from the industry.
Since April, the Financial Conduct Authority cleared registrations for five firms, including BlackRock and Standard Chartered, while six others were rejected, refused, or withdrawn. The acceptance rate now stands at 45%, up from less than 15% over the past five years, reflecting the regulator’s effort to address slow approvals and limited access.
Despite the faster processing, the number of applications has fallen, from 46 in the year to April 2023 to 26 in the year to April 2025. Firms seeking to conduct crypto activities in Britain must comply with FCA rules on financial crime prevention, including anti-money laundering and anti-terrorism financing measures.
Average registration time has fallen from 17 months two years ago to just over five months. The FCA is preparing a full digital asset regulatory framework for 2026, while offering preapproval meetings, webinars, and roundtables to help firms meet compliance standards. Some legal and industry experts suggest companies are delaying submissions in anticipation of clearer rules.
The regulator’s move follows growing pressure to keep pace with the US and EU, which have advanced crypto approval processes and opened retail markets to exchange-traded products. While cautious of sector risks, the FCA is exploring baseline rules with potential carve-outs to accommodate crypto’s unique features.
