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Britain’s chief financial regulator cautioned in a speech on Friday against adding crypto markets to his agency’s territory too quickly amid a government plan to make the UK a crypto hub, the Financial Times reported.

The UK’s chancellor, Rishi Sunak, revealed plans in April to regulate stablecoins and issue an NFT as part of a bid to position the UK as a crypto hub, The Block reported at the time.

Still, the head of the Financial Conduct Authority (FCA), Charles Randell, cited a need to be realistic about the amount of preparation needed to supervise “purely speculative crypto tokens,” as well as necessary improvements needed by crypto companies seeking official authorization, the FT said.

Randell went on to stress the importance of his agency’s independence when some in the crypto industry have urged the government to press the regulator to be more accommodating, the FT reported. He also said it was not clear how the FCA would pay for the costs involved in adding digital assets to its responsibilities.

The government’s bid to compete with crypto centers such as Switzerland and Dubai has been met with skepticism by many in the crypto industry, the FT said.

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