According to the Financial Times, the British Treasury is putting the finishing touches on plans for a package of regulations for the cryptocurrency industry that will place restrictions on advertising and place sales restrictions on foreign companies entering the country.
The package will give the Financial Conduct Authority greater authority to regulate the industry, including the ability to keep an eye on how businesses run and promote their products.
There would be limitations on businesses selling to the British market from abroad and plans for how cryptocurrency companies could be shut down.
The market turmoil that followed the demise of cryptocurrency exchange FTX, which requested bankruptcy court protection last month, is followed by the new regulations.