Stakeholders in the UK's crypto industry have welcomed proposed legislation for regulation, but are urging collaboration with global regulators to avoid isolation after Brexit. The UK plans to regulate crypto under existing frameworks and may publish crypto-specific rules within the next year. However, concerns have been raised by the Association of Financial Markets in Europe that the UK's authorization regime could damage its reputation as an open market. CryptoUK, AFME, and Binance have called for a transition period and clarity on the scope of economic activities and treatment of assets like NFTs.