A group of U.K. legislators is calling for the government to implement crypto financial services regulations as soon as possible and to appoint an official to oversee the entire process.

The Crypto and Digital Assets All Parliamentary Group, (APPG), published a report on Monday stating that cryptocurrency will be around for a long time and requires immediate regulation. The group, consisting of lawmakers from both houses and different political parties, has made 53 recommendations to regulate crypto in the country.

The government of Prime Minister Rishi Sunderk closed a recent consultation in which it proposed that the U.K. regulate crypto by bringing the technology under the existing financial services regulations. CryptoUK, a group of lobbyists affiliated with APPG, stated in its reply to the consultation, that it wanted to see specific crypto regulations implemented in the U.K. within a calendar year. The government said they hope to achieve this target.

There are currently bills being debated by the parliament to grant lawmakers greater powers over cryptography and help law enforcement agencies freeze and seize crypto.

If they wish to do business in the United Kingdom, crypto companies must be -registered with the Financial Conduct Authority.

Given the rapid growth in cryptocurrency and digital assets in the U.K., it is important to time this report in order to protect consumers while ensuring that the U.K. can maintain its leadership in this field,” Lisa Cameron, Chair of the APPG , said in a Monday press release.

The crypto APPG investigation was launched last August. The inquiry was launched in August last year, following an announcement made by Sunak at the time, the country’s then finance minister, who said that the government wished to turn the country into a crypto hub. The APPG gathered views from the crypto industry as well as regulators and members of the public.

In their report lawmakers made recommendations on the role of government officials and how regulators such as the Advertising Standards Authority, the FCA, and the Bank of England should be regulated.

The report stated that “Given that cryptocurrency and digital assets regulation is broad, the Government will need a coordinated and joined-up approach across all government departments and agencies who will be affected by the growth in cryptocurrency, digital currencies and blockchain technologies.”

The report stated that many crypto companies had complained about “long delays” or having their registration applications rejected by the FCA, without any explanations.

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

In the report, lawmakers expressed concerns about whether regulators in the UK had enough resources to fulfill their crypto-related responsibilities. They recommended that regulators create dedicated units for digital asset.

The report also recommended that stablecoins be backed up by high-quality assets, ideally fiat currency, to allow them to be used as payment methods. It also suggested that the government should properly examine the environmental impact associated with crypto.

The APPG’s report follows a request from the House of Commons Treasury Committee that crypto be regulated as gambling and not as financial services. Local crypto industry reacted immediately to the call. The APPG’s Monday report aligned the APPG with the government plans.

We support the government’s view that financial services regulations should be regulated more effectively, as portrayed in this report. This is for three reasons. The first is… Cameron stated that he would like to see people pay tax on their gains when they are made in the U.K. This can only be done through the regulation of financial services, and not gambling.

The lawmakers demanded new comprehensive tax framework and that the government address issues like U.K. Banks limiting interaction with Crypto companies and risks to financial stability.

The APPG has also examined “the potential” for a digital currency issued by a central banking system, on which the government is currently consulting prior to making a decision.

Read more: Crypto Industry asks UK Government to Think Globally As Government Closes Consultation On Proposed Rules

UPDATE (5 June, 09:39 UTC). Added more details from the report.

UPDATE (5 June, 14:17 UTC: Lisa Cameron’s comments from the Thames Pavilion event are added.

Sandali Handagama & Sheldon Reback edited the book.