The U.K. government on Monday confirmed plans to regulate the cryptocurrency industry, announcing in a consultation paper that it will look to bring in formal legislation for crypto activities by 2024.

The government published its response to a consultation paper issued earlier this year, which outlined recommendations on regulating the crypto industry.

In the Monday paper, the government said it intends to bring a number of cryptoasset activities under the same regulations that govern banks and other financial services firms.

“I am very pleased to present these final proposals for cryptoasset regulation in the UK on behalf of the Government,” Andrew Griffith, the U.K. financial services minister, said in a statement.