The UK Financial Conduct Authority (FCA) has dramatically reduced the approval time for crypto firms, cutting it from 17 months to just over five months. This change comes as the acceptance rate for applications has increased to 45%, a significant rise from the previous rate of under 15% over the past five years. Since April, notable firms such as BlackRock and Standard Chartered have received approval, while six applications were either rejected or withdrawn. Despite these improvements, the number of crypto firms applying to enter the UK market has decreased, with applications dropping from 46 in the year to April 2023 to 26 in the year to April 2025. The FCA is working on a comprehensive regulatory framework for digital assets, anticipated in 2026, and has initiated preapproval meetings and webinars to assist firms in understanding registration requirements.