The U.K.’s new crypto rules are part of a program of regulatory divergence from the European Union, the supranational bloc of which it was until recently a member – but some crypto advocates are underwhelmed by the extent to which the country is really using post-Brexit freedoms to carve out a unique niche for itself.

A policy paper published Wednesday lays out how the Treasury wants to use powers set out in the Financial Services and Markets Bill – a law which, from the start, the government billed as a chance to finally set independent financial rules.

The U.K. plans to have multiple regimes for the crypto sector including one for stablecoins. In its January 2021 consultation on stablecoins, it said the crypto should be subject to existing payments legislation, with the Bank of England regulating major stablecoins that could have an impact on the whole financial sector.

(By Jack Schickler, Camomile Shumba)