According to reports, the UK is getting ready to implement new cryptocurrency laws this month.

Bloomberg said Thursday, November 14, that the regulations are part of the U.K. government's attempt to counteract the allure of doing business with the U.S. government's new pro-crypto president.

According to the article, the British Treasury is aiming to exempt staking services from current financial law and is working on legislation pertaining to stablecoins.

“The U.K. has a real opportunity to capitalize on a second-mover advantage, but only if it can mobilize,” said Laura Navaratnam, U.K. policy lead at the Crypto Council for Innovation, per the report. “We are a little bit further than even the Treasury and the regulators would’ve ideally wanted.”

The news comes after President-elect Donald Trump recaptured the White House, which was viewed as a victory for the crypto industry.

With Trump promising to make the U.S. a crypto haven, the U.K. is taking measures to make its shores seem enticing to the digital asset sector, according to the report. That includes an eventual consultation paper on stablecoins from the Financial Conduct Authority early next year, followed by a phased approach to its regulation of other aspects of crypto.

“The government will also update the industry on progress made in the digital securities sandbox, a live environment for blockchain experimentation jointly run by the FCA and the Bank of England,” the report said.

The U.K.’s slow pace of legislation has made crypto companies reluctant to focus resources on the country, especially with the European Union’s wide-ranging Markets in Crypto-Assets (MiCA) regulation expected to be fully implemented by the year’s end, according to the report.

While Trump at one time called cryptocurrencies a scam, he appeared to have a change of heart about the crypto industry during his most recent presidential campaign.

“Trump’s rebranding as a crypto-friendly candidate is part of a larger trend among Republicans to embrace digital currencies and blockchain technology,” PYMNTS wrote in July. “This strategy aims not only to attract a young and tech-savvy demographic but also to tap into the substantial financial resources of the crypto sector. By aligning with the interests of cryptocurrency enthusiasts, Trump and his party are seeking to leverage the political and economic potential of this burgeoning industry.”