Britain has unveiled plans to regulate some cryptocurrencies as part of a broader plan to become a global hub for digital payments, coming as authorities in the U.S. and Europe are racing to draw up rules for crypto.

Cryptocurrencies have exploded in popularity, leaving officials worldwide scrambling to figure out how to regulate them amid fears they could threaten financial stability and hurt consumers.

“The U.K. is open for business — open for crypto businesses,” John Glen, economic secretary to the Treasury, said in a speech Monday.

Treasury chief Rishi Sunak also has asked the Royal Mint to create a digital collectible known as an NFT as an “emblem of the forward-looking approach the U.K. is determined to take,” Glen said.

Crypto proponents say the technology will make payments faster, easier, and more transparent, while skeptics worry it could be used for illegal activities like money laundering and contribute to carbon emissions because of the heavy computing power needed to process transactions.