The UK regulator has cut approval times by nearly 70% since 2023, though fewer firms are applying amid expectations of upcoming legislation and global regulatory competition.
The UK’s Financial Conduct Authority (FCA) has reduced average crypto registration approval times by 69% since 2023, falling from 511 days in 22/23 to 158 days in 24/25. However, applications have dropped 43.5% over two years, from 46 in 22/23 to 26 in 24/25, with approvals also declining from eight to three. Approval rates fell from 17.4% to 11.5% over the same period. Industry groups such as CryptoUK welcomed faster processing, though concerns remain about declining participation and perceived barriers for SMEs. Fewer firms are withdrawing applications, dropping from 70 to 15. Experts suggest firms may be delaying applications until new UK legislation is finalized. The FCA also launched a consultation on minimum standards for crypto firms to strengthen oversight and align practices with traditional finance.