The U.K. crypto industry has welcomed a government decision to introduce a bespoke exemption for crypto companies looking to advertise to local customers. But the country’s financial regulator is a bit more cautious.

Feedback from the industry made it clear that not many qualified people would have been willing to approve crypto ads, and the government's plan would have amounted to “an effective ban,” the Treasury said.

“I think that was a great win for the industry. I've lobbied for this and I know some of my clients have, industry bodies have and I think we got exactly what we asked for,” said Diego Ballon Ossio, a senior associate at U.K.-based law firm Clifford and Chance. Ian Taylor, director at lobby group CryptoUK and Mark Aruliah, senior policy adviser at Elliptic echoed this.