UK Financial conduct has become an ear of cryptographic companies for years how slow they are with approvals. It looks like they finally listened to Because they have reduced their revision times to two thirds and started saying yes more often.
Since April, the FCA has approved five new companies, including big names like Blackrock And Standard chartered. It may not seem much, but it is actually a huge improvement if we consider that they have rejected almost everything that has fallen on their desk in the past five years.
The approval rate has increased from less than 15% to 45%, which is still quite difficult, but at least companies now have a chance to fight. This was taking 17 months to cross the system now takes a little more than five months on average. It is even longer than most companies, but it is progress.
Here is the strange thing although – even with faster approvals, fewer cryptographic companies really apply to do business in the United Kingdom. Applications went from 46 in 2023 to only 26 years in the past year. This could mean that companies are waiting to see what the new regulatory framework looks like before entering.
The FCA plans to deploy comprehensive cryptography rules in 2026, so maybe companies think it is more intelligent to wait and see what those are rather like navigating in the current system. I can’t really blame them to want to clarity before investing time and money in the approval process.
Conclusion
The faster FCA approvals mark progress, but the drop in applications shows that companies remain cautious. Until the rules of 2026 provide clarity, many can sit on the sidelines, awaiting a more predictable regulatory environment before fully committing.
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