Cryptocurrency supporters in the UK have welcomed a proposed bill that may bring digital assets under local payment regulations.

Reports suggest the bill will be debated in parliament in September for the first time. Yet crypto advocates are awaiting signals from regulators as to how the regulations may be enforced, CoinDesk reports.

“We will have to wait to see what new rules are introduced as a consequence of the bill to fully understand the new powers and approaches of the various regulators,” said James Alleyne, legal counsel at law firm Kingsley Napley.

The purported stablecoin regulations are part of a broader financial services and markets bill that outlines Britain’s economic strategy after Brexit. Current financial regulations are set to be extended to cover payments-focused digital currencies like stablecoins, pegged to a fiat currency, typically the U.S. Dollar.

The proposed bill also places the UK Treasury in charge of the definition of so-called DSAs (digital settlement assets) and assigning the Bank of England, Financial Conduct Authority and Payments Systems Regulator powers to implement the regulations.

A minimum of six industry experts told CoinDesk the proposed bill was a welcome step forward and in line with Britain’s ambitions to become a global crypto hub.

“I see this as a key piece of legislation for financial services, which I hope can allow us to make the most of the opportunities of Brexit and to establish an approach to crypto regulation that is right for the UK,” stated Lisa Cameron, a member of Parliament and chairwoman of the cross-party group for crypto.

“By bringing stablecoins within the scope of regulation, the bill paves the way for further adoption in the UK, and this will be a key area of focus for parliamentarians as part of our inquiry into the wider sector,” she went on to say.

In addition, Gemini crypto exchange UK managing director, Blair Halliday said the legislation is a “positive move that recognises the significant role that these assets will play in our economy and financial system in the future.”