The industry is keenly watching divergences from Brussels in areas like stablecoins, lending and bitcoin disclosures.

But the country’s financial watchdog says it will “take a consistent approach to that taken for other high-risk investments,” when the time comes to set up enforcement rules.

The industry has largely welcomed plans that could cover crypto lending and NFTs, and force foreign companies to register and set up in the country.

As crypto comes within the regulatory fold, there will be disputes over rules, procedures and jurisdiction – and the relatively compliant may end up bearing the brunt of regulators’ wrath.