The UK government has confirmed its intentions to regulate the cryptocurrency industry and aims to introduce legislation for crypto activities by 2024. In response to a consultation paper, the government plans to subject crypto-asset activities to the same regulations as banks and other financial services firms. Proposed measures include stricter rules for exchanges, custodians, crypto lending companies, market abuse, and cryptoasset issuance and disclosures. The UK aims to become a global hub for cryptoasset technology and is advancing ahead of other nations in formalizing its crypto industry laws.