The UK’s Financial Conduct Authority has reduced crypto registration approval time by 69% since 2023, despite a 43.5% decline in applications over two years. Successful applications decreased from eight to three, with an approval rate dropping from 17.4% to 11.5%. The FCA aims to accelerate processes, boosting confidence among crypto businesses.

The FCA data also show a decline in total applications and firms withdrawing applications. The UK Cryptoasset Business Council’s Executive Director sees progress but acknowledges lingering perceptions of long timelines and uncertainty. Reed Smith notes a decline in applications may be linked to the UK Government’s plans for new crypto legislation.

The FCA launched a consultation on setting minimum standards for crypto firms, aiming to develop a competitive sector. To combat long wait times, industry experts urge the FCA to enhance the registration process, offering more transparency and guidance to firms. Global competition from other regulators may impact the UK’s position in the crypto industry.

Read more at Yahoo Finance: UK Regulator Ramps Up Crypto Approvals As Applications Drop