In brief
- The UK’s Financial Conduct Authority has reduced application process times for crypto service providers by 69% since 2022/23.
- Total applications have declined over the past couple of years, as firms wait and see how UK crypto regulation develops.
- Successful applications have also declined, although fewer firms are withdrawing applications.
The UK’s Financial Conduct Authority has reduced the time it takes to approve crypto registration applications by 69% since 2023, although data from the regulator also show that there has been a 43.5% decline in applications over the past two years.
The FCA has released the data following a freedom of information request from London-based international law firm Reed Smith, which sought…
