The U.K. government announced on Monday that it has plans to regulate the cryptocurrency industry by next year. In a consultation paper, it said it would place certain crypto activities under regulations that oversee banks and other financial service providers.

Although Monday’s announcement did not specify what the legislation will look like, an earlier paper outlined recommendations. 

Back in February, the U.K. government proposed to tighten rules for financial intermediaries and crypto custodians. The proposal also zeroed in on consumer protection in the practice of lending cryptoassets as well as greater transparency requirements for crypto exchanges. 

Treasury Minister Andrew Griffith said in a statement the framework would mean "the U.K. is the obvious choice for starting and scaling a cryptoasset business."

According to the paper, the government plans to introduce laws for the crypto industry before Parliament by 2024.

Laws could be presented before Parliament next year. 


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