diff --git a/tplus/evm/managers/settle.py b/tplus/evm/managers/settle.py
index 8beb132..78ecb9d 100644
--- a/tplus/evm/managers/settle.py
+++ b/tplus/evm/managers/settle.py
@@ -126,11 +126,12 @@ def decrypt_settlement_approval_message(
             SettlementApproval: The decrypted approval dictionary, or None if decryption/parsing fails.
         """
         user = user or self.default_user
+        key = "approval"
 
         try:
-            encrypted_data = message["encrypted_data"]
+            encrypted_data = message[key]
         except KeyError as err:
-            self.logger.warning(f"Missing expected key 'encrypted_data' in approval message: {err}")
+            self.logger.warning(f"Missing expected key '{key}' in approval message: {err}")
             return None
 
         try:
@@ -216,10 +217,9 @@ async def init_settlement(
         )
 
         approval_task: asyncio.Task | None = None
+        handler: SettlementApprovalHandler | None = None
 
         if on_approved or then_execute:
-            handler = SettlementApprovalHandler(self)
-
             if then_execute:
 
                 async def _internal_on_approved(info, approval):
@@ -229,18 +229,17 @@ async def _internal_on_approved(info, approval):
             else:
                 effective_callback = on_approved
 
-            async def approval_handling_task_fn():
-                try:
-                    async with asyncio.timeout(12):
-                        await handler.handle_approvals(
-                            on_approval_received=effective_callback,
-                            stop_at=1,
-                            pending_settlements={expected_nonce: settlement_info},
-                        )
-                except TimeoutError:
-                    self.logger.info("Approval handler timed out")
+            handler = SettlementApprovalHandler(self)
 
-            approval_task = asyncio.create_task(approval_handling_task_fn())
+            approval_task = asyncio.create_task(
+                handler.handle_approvals(
+                    on_approval_received=effective_callback,
+                    stop_at=1,
+                    pending_settlements={expected_nonce: settlement_info},
+                )
+            )
+
+            await handler.wait_until_subscribed()
 
             self._approval_handling_tasks.setdefault(user.public_key, {})
             self._approval_handling_tasks[user.public_key][expected_nonce] = approval_task
@@ -356,65 +355,59 @@ def __init__(
         self.settlement_manager = settlement_manager
         self.logger = settlement_manager.logger
         self.on_approval_received = None
+        self._subscribed_event = asyncio.Event()
+
+    async def wait_until_subscribed(self):
+        """Wait until the approval stream subscription is active."""
+        await self._subscribed_event.wait()
 
     async def handle_approvals(
         self,
-        on_approval_received: (
-            "Callable[[SettlementInfo | None, SettlementApproval], Awaitable[None] | None] | None"
-        ) = None,
+        on_approval_received=None,
         pending_settlements: dict[int, SettlementInfo] | None = None,
         stop_at: int | None = None,
         user: "UserPublicKey | None" = None,
     ) -> None:
-        """
-        Continuously listen for settlement approvals and match them with pending settlements.
-
-        Args:
-            on_approval_received: Optional callback function that will be called when an approval
-              is received. Called with (settlement_info, approval_dict). If not provided,
-              approvals will just be logged.
-            pending_settlements: Dictionary mapping nonce -> SettlementInfo for settlements
-              waiting for approval. Approved settlements will be removed from this dict, if given.
-              To handle any settlement regardless, pass ``None`` or leave as default.
-            stop_at: The amount of approvals to handle before stopping.
-            user: Specify the user. Defaults to the default user.
-        """
         user = user or self.settlement_manager.default_user.public_key
         self.logger.info(f"Starting approval handler for user {user}")
+
+        pending_settlements = pending_settlements or {}
         amount_handled = 0
 
         try:
-            async for message in self.settlement_manager.ce.settlements.stream_approvals(user):
+            stream = self.settlement_manager.ce.settlements.stream_approvals(user)
+            ait = stream.__aiter__()
+            pending_first = asyncio.create_task(ait.__anext__())
+            self._subscribed_event.set()
+
+            try:
+                message = await pending_first
+            except StopAsyncIteration:
+                return
+
+            while True:
                 approval = self.settlement_manager.decrypt_settlement_approval_message(message)
-                if approval is None:
-                    continue
-
-                nonce = approval.inner.nonce
-                pending_settlements = pending_settlements or {}
-                settlement_info = pending_settlements.get(nonce)
-                if settlement_info is None:
-                    self.logger.debug(f"Received approval for unknown nonce {nonce}, ignoring")
-                    continue
-
-                else:
-                    self.logger.info(f"Received approval for nonce {nonce}")
-                    del pending_settlements[nonce]
-
-                callback = on_approval_received or self.on_approval_received
-                if callback:
-                    try:
-                        result = callback(settlement_info, approval)
-                        if asyncio.iscoroutine(result):
-                            await result
-                    except Exception as err:
-                        self.logger.error(
-                            f"Error in on_approval_received callback for nonce {nonce}: {err}",
-                            exc_info=True,
-                        )
-
-                amount_handled += 1
-                if stop_at is not None and amount_handled >= stop_at:
-                    break
+                if approval:
+                    nonce = approval.inner.nonce
+                    settlement_info = pending_settlements.get(nonce)
+
+                    if settlement_info is None:
+                        self.logger.debug(f"Received approval for unknown nonce {nonce}, ignoring")
+                    else:
+                        self.logger.info(f"Received approval for nonce {nonce}")
+                        del pending_settlements[nonce]
+
+                        callback = on_approval_received or self.on_approval_received
+                        if callback:
+                            result = callback(settlement_info, approval)
+                            if asyncio.iscoroutine(result):
+                                await result
+
+                        amount_handled += 1
+                        if stop_at and amount_handled >= stop_at:
+                            break
+
+                message = await ait.__anext__()
 
         except asyncio.TimeoutError:
             self.logger.info("Approval handler timed out")