Sarah Pritchard , the Executive Director of U.K.’s Financial Conduct Authority, said this at City Week in London on Tuesday .

Pritchard stated that the U.K. is looking to create a new regulatory regime for “crypto, once a symbol of alternative rebelliousness but now more widely accepted.” The U.K. Treasury launched a consultation on crypto in February, asking stakeholders for feedback.

The FCA, along with Treasury, is the primary crypto regulator in the United States. It has been registering crypto companies to operate within the country. Pritchard stated that the consultation revealed that the FCA could host a new authorisation regime, including for overseas crypto companies. This is “uncharted territory” for these companies. The FCA is planning to launch a promotion regime as well.

Pritchard stated, “Let’s shape our rules and regulation to benefit markets and consumers as crypto moves from niche to mainstream.” Let’s do it while keeping our minds and eyes open for the potential benefits, as well as the risks.

The FCA has a reputation for criticizing the crypto industry. This is not helped by the fact Chainalysis or the collapse of the FTX Exchange . The FCA has warned consumers repeatedly about cryptocurrency risks.

Pritchard stated that 195 crypto applications received by the FCA from firms wishing to register were either rejected or withdrawn. Pritchard said that only 41 crypto companies have registered with the FCA.

Industry advocates claim that the FCA has begun listening at its engagement meetings to the crypto industry.

Read more: UK Crypto Firms & Regulator Blame each other for Industry Exodus

Kevin Reynolds is the editor.