The government is consulting on plans to introduce a regulatory regime to control the crypto market as part of financial services roadmap. The global crypto market is valued at $800bn (£650bn), down by 75% from a high of $3 trillion in November 2021.

The crypto sector continues to experience high levels of volatility and a number of recent failures have exposed the structural vulnerability of some business models in the sector, with the collapse of FTX in the US highlighting the vulnerability of consumers, and limited transparency and disclosure.