The UK’s Financial Conduct Authority (FCA) recently made public its intentions to hire senior Crypto talent to help its regulatory efforts in the United Kingdom.
Financial Conduct Authority
The FCA is the body tasked with regulating crypto and related activities in the UK. The crypto world moves at such an unbelievable pace that it’s hard to keep up with; that’s why regulators worldwide are opening opportunities for Crypto experts.
On Monday, 14 March 2022, the FCA posted new opportunities on its LinkedIn page, and this authority is searching for a Head of Digital Assets to lead its digital assets department. The FCA also announced another opportunity for someone to join the digital assets department as the director of payments.
This is terrific news by the FCA, and getting the right people on board will help it better carry out its tasks and duties to the public. Based on the LinkedIn posting, FCA is targeting candidates capable of helping lead its approach to crypto industry regulatory operations for its Head of Digital Assets opening.
One of the biggest goals of the new Digital Assets department is to help the FCA create a “single narrative on crypto.” One of the biggest problems for most people is that regulatory institutions seem to make up the rules and regulations on a case-by-case basis. It’s commendable to see the FCA take another vital step towards standardizing crypto operations in the UK.
What does this mean for the FCA?
According to the job posting, “We are looking for a Head of Department to build and lead a new crypto department that will lead and coordinate the FCA’s regulatory activity in this emerging market. This is a critical leadership role within a proposed new directorate dealing with emerging business models.”
The FCA is finally making concrete moves regarding creating a dedicated crypto regulation unit, and it comes a bit later than most crypto enthusiasts would prefer – but better late than never. If you’re interested in the roles available at the FCA, you can send your application on or before 3 April 2022.
If you ask Crypto stakeholders what they want from regulators, most people will say structure and uniformity. Crypto holders are frustrated by the constant changes in Crypto regulations in the UK and globally, and hopefully, this new department brings quantifiable changes.
Crypto Crackdown in the UK
Earlier in March, the FCA moved to shutdown Bitcoin ATMs operating in the country as part of its strategies to curtail money laundering. Additionally, the FCA has moved to open over 300 cases against unregistered crypto firms in the last six months, with the launch of 50 active investigations against unregistered crypto businesses.
The FCA has been actively policing and regulating the crypto sector for a considerable amount of time now; the authority received 3,143 alerts of suspected crypto fraud in 2020, a number that doubled to 6,372 alerts in 2021.