UK’s FCA suddenly remembers crypto exists, slashes approval times by 70%-probably because no one was applying anyway. 🙄
The United Kingdom, in a shocking display of efficiency (or perhaps just sheer boredom), has decided to stop taking three eternities to approve crypto registrations. The Financial Conduct Authority, in between tea breaks, confirmed wait times have dropped by a whopping 69% since 2023. Because nothing says “supportive but cautious” like finally realizing crypto isn’t going away. Meanwhile, applications have plummeted-probably because everyone’s too busy watching cat videos.
Crypto Firms Play Waiting Game Like It’s 2026 Already
Reed Smith, a law firm with too much time on its hands, dug up the depressing stats: crypto applications have nosedived by 43.5% in two years. Exchanges and related services are apparently sitting on their hands, waiting for the mythical 2026 rules that promise clarity-or at least fewer headaches. The FCA’s faster approvals? Cute. But firms would rather wait for regulations that don’t change every time a politician Googles “blockchain.”
Related Reading: FCA Lets UK Retail Investors Gamble on Crypto ETNs-Because What Could Go Wrong? | Live Bitcoin News
The FCA, desperate to keep up with the EU’s MiCA and America’s enforcement obsession, is now offering pre-approval meetings. Because nothing says “welcoming business” like making companies jump through hoops before they even apply. Still, it’s progress-sort of like upgrading from dial-up to broadband in the age of quantum computing.
Industry insiders whisper another reason for the application drought: everyone’s holding out for 2026. Because why waste money tweaking compliance strategies now when you can do it all over again later? Efficiency at its finest.
FCA Tries to Modernize Without Admitting They Were Behind
Despite speeding things up, the FCA still loves reminding everyone that crypto is risky. Firms must prove they’re not laundering money for Bond villains while also pretending digital assets are just like boring old banks. But hey, they might tweak rules to acknowledge crypto’s uniqueness-because nothing says “innovation” like grudging adaptation.
Observers call this balance “critical.” Faster approvals = good for innovation. Stricter oversight = good for not getting sued. Reactions? Mixed. Some firms think the FCA’s finally trying. Others suspect it’s all a trap and would rather wait for 2026-when, let’s be honest, they’ll probably just delay again.
In the grand scheme, the FCA’s new approach proves regulators are finally realizing finance moves faster than their paperwork. Will the UK become a crypto hotspot? Maybe. Will firms trust it? Ask again in 2026-or whenever the FCA finishes its next tea break. ☕
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2025-09-23 07:37