The UK's Financial Conduct Authority (FCA) has reduced the approval time for crypto firms from 17 months to just over five months, reflecting a significant efficiency improvement. The approval rate has also increased to 45%, up from less than 15% over the past five years. Despite these changes, the number of applications from crypto firms has decreased from 46 in 2023 to 26 in 2025. Since April, the FCA has approved five firms, including BlackRock and Standard Chartered, while six applications were either rejected, refused, or withdrawn. The regulator is also planning to implement a comprehensive digital asset framework by 2026 and has introduced preapproval meetings and webinars to further streamline the process.