In a consultation paper, the U.K. Treasury outlines a regulatory framework for cryptocurrency firms.  The new rules will apply to crypto firms, including crypto custodians or entities that hold crypto to protect them from loss or theft.  The proposal will be based on the Financial Services and Markets Act 2000, enforcing crypto firms to register with the authorities.   Crypto firms will need to submit business plans, outline their operations, and provide "a description of controls and risk management processes." The Treasury has made explicit that adjustments "due to the limitations of retrofitting an existing regime to a new asset class" can be made.