UK Chancellor Rishi Sunak has announced plans to regulate some cryptocurrencies.
The country is ultimately hoping to become a hub for digital payment companies - but Sunak insists that more regulations are needed in order for the UK to reach its long-term ambitions.
He said: "We want to see the [cryptocurrency] businesses of tomorrow - and the jobs they create - here in the UK, and by regulating effectively we can give them the confidence they need to think and invest long-term."
However, the Treasury has still not announced which stablecoins will be regulated as part of the broader plan.
The Treasury has also announced plans to ask The Royal Mint to create an NFT later this year.
John Glen, the UK Financial Services Minister, explained that he sees "enormous potential in crypto".
He also explained that the country already has in place a "detailed plan [for] harnessing the potential of blockchain".
He said in a speech: "What does the future of crypto here in the UK look like? No-one knows for sure.
"But we think that by making this country a hospitable place for crypto we can attract investment [and] generate swathes of new jobs."
