Banks Lag Behind as UK Crypto Rules Ease

The UK's Financial Conduct Authority (FCA) has become more comfortable with cryptocurrency regulation. In contrast, Britain's biggest banks appear to be hesitant to enter the space.

In the past year, the FCA registered 13 crypto firms from a pool of 22 applicants, a significant increase from the previous year when it approved seven from 32 applications. This represents a rise in approval rate from 22% to 59%.

This development suggests that while regulatory requirements are becoming more favorable for cryptocurrency companies, major banks remain reluctant to engage with this space.