The UK Treasury is reportedly finalizing a framework for the regulation of the cryptocurrency industry, Investing.com reports.

According to The Financial Times, the country’s financial authorities are currently putting the finishing touches on the significant crypto regulation. This includes prohibitions on international businesses selling to the UK, strategies for dealing with business failures, and regulations for product advertising.

A Treasury spokesperson stated:

The UK is committed to creating a regulatory environment in which firms can innovate, while crucially maintaining financial stability and regulatory standards so that people and businesses can use new technologies both reliably and safely.

The United Kingdom’s new move of crypto regulation occurred amidst the entire cryptocurrency industry suffering from the collapse of one of the leading exchanges, FTX. “Ministers will shortly launch a consultation on the new regulatory regime,” as per the report