LONDON Britain said on Monday it would put forward legislation to implement its first set of rules to regulate the crypto sector, requiring market participants to be authorised before they can offer services to consumers.

The finance ministry said it would move ahead as proposed in an earlier public consultation, requiring firms undertaking cryptoasset activities to be authorised by the Financial Conduct Authority as Britain introduces rules similar to those already approved in the European Union.

"In response to calls for further clarity on timelines, and to accelerate the overall implementation programme, the government’s aim is for phase 2 secondary legislation to be laid in 2024, subject to Parliamentary time," the ministry said in a feedback statement.

(Reporting by Huw Jones; Editing by Andrew Cawthorne)