Crypto businesses issuing non-fiat tokens (NFTs) in the UK may have to register with the Financial Conduct Authority (FCA) even after the government introduces a new authorization regime for the industry.

This is according to a consultation on money laundering published by the Treasury on Monday. The consultation suggests that NFTs, which are unique digital assets stored on a blockchain and used to represent ownership of assets such as art, real estate, digital collectibles and more, may not be included in the new regime.

Currently, cryptocurrency financial service providers must be registered with the FCA in order to operate in the UK. However, once the new regime is in place, this will no longer be necessary. The UK government is asking for responses on the proposed regime by June 9.

The consultation states that cryptocurrency companies that do not provide regulated financial services, such as NFT issuers, will still need to be registered and monitored by the FCA for anti-money laundering and counter-terrorist financing purposes.

This is because NFTs are not considered financial instruments under the Financial Services and Markets Act, which was passed last year.

In its October response to the consultation, the government said that NFTs were “not suitable for regulation as a financial service”.