UK’s FCA Accelerates Crypto Registration Process
The UK’s Financial Conduct Authority (FCA) has refurbished its crypto registration process. Critics previously complained that approvals took more than a year. Now, applications that used to require 17 months are handled in just over five months.
As April, approval rates have risen to 45%, up from under 15% over the last five years.The FCA has ramped up staffing, introduced pre-submission meetings, and provided clearer guidance. Major firms like BlackRock and Standard Chartered have received approval under the new system.
To boost application quality, the FCA offers pre-approval meetings and organizes roundtables and webinars. David Geale, FCA’s executive director, says these steps improve authorization speed without compromising standards.
UK plans a full crypto regulatory framework by 2026. This includes bank-level standards like the Senior Managers and Certification Regime. The goal is to ensure safe,fair operations and protect consumers.
Alongside domestic changes, the UK works closely with U.S.regulators. Talks focus on stablecoin oversight and smoother market access for UK firms. These efforts aim to solidify London’s role as a leading global crypto hub.
