UK's FCA Accelerates Crypto Application Approvals

The FCA of the United Kingdom has dramatically accelerated its crypto application approvals, cutting processing times by two-thirds and boosting its acceptance rate. This move comes after years of criticism from industry players about the watchdog’s slow pace. However, the regulator has approved only a few applications, with major players like BlackRock and Standard Chartered leading the charge.

Unveiling UK Crypto Application Approvals

According to a recent Financial Times report, the UK FCA has slashed the review times of the crypto application approvals by two-thirds. Following growing criticism from business leaders, this represents a significant change in the nation's regulatory strategy.
Five companies, including well-known brands like BlackRock and Standard Chartered, have reportedly had their registrations approved by the financial watchdog since April.

The report also noted that six other applications were either rejected, refused, or withdrawn.
It is noteworthy that the current acceptance rate has climbed to 45%, marking a significant increase from the less than 15% approval rate seen over the preceding five years. During this period, the regulator was criticized for its slow pace and low approval numbers.

Strict Crypto Regulations

Comparatively, the UK’s crypto regulation is stricter, which restricts global industry players’ entry into the market. The industry is reportedly experiencing a slowdown in new entrants despite regulatory improvements. From 46 in the year prior to April 2023 to just 26 in the year following April 2025, the number of applications from cryptocurrency companies looking to enter the UK has drastically decreased.

Additionally, the number of approvals has decreased, from eight in 2022–2023 to just three in 2024–2025. However, there is some optimism because the approval rate seems to have gone up recently, suggesting that things may be getting better. The Financial Conduct Authority's (FCA) stringent rules and lengthy registration processes may be the cause of this trend, as some companies are now looking to nations like the US that are more crypto-friendly.

According to recent reports, it took an average of slightly more than five months for crypto providers to register with the UK's Financial Conduct Authority (FCA) in the previous year. This is a substantial reduction from the typical 17-month wait that was seen two years ago

The FCA is accelerating this process in order to get ready to launch a comprehensive regulatory framework for digital assets in 2026. London's regulators are under pressure to create a more welcoming atmosphere for cryptocurrency companies, as countries like the US and the EU are implementing more lenient laws in an effort to become more appealing centers for the development of digital assets.