UK Speeds Up Crypto Approvals, Aims for Stronger Oversight
The UK’s Financial Conduct Authority (FCA) is swiftly changing how it handles crypto firm registrations.What used to take 17 months is now done in five. Applications are getting clearer guidance, speeding up the review process.
As April, approval rates have soared to 45%, up from less than 15%. Big names like BlackRock and Standard Chartered have successfully joined the UK crypto scene. The FCA added staff and hosts pre-submission meetings to boost efficiency.
to further embrace crypto, the FCA plans a full regulatory framework by 2026. Crypto firms will face rules similar to banks, ensuring safety and accountability. This aligns with HM Treasury’s draft, giving the FCA power over trading platforms, custody services, and staking operations.
The UK is also seeking help from US regulators. High-level talks aim to manage stablecoins together and allow UK crypto firms easier access to US capital markets. It’s all part of making London a top global crypto hub.
By cutting red tape and boosting oversight, the UK is showing it’s serious about crypto. This change could attract more firms and investors, boosting the country’s financial landscape.
