Financial conduct authority in UK seeks crypto talent

The Financial Conduct Authority (FCA) of the United Kingdom is looking for top executives with cryptocurrency experience as the regulator prepares to open a new crypto department to oversee the sector.

According to the FCA’s LinkedIn job advertisements, the agency is now looking for a head of the digital assets department and a director of the payments and digital assets department. Both job advertising are aimed towards crypto enthusiasts.

The FCA’s head of digital asset job opening, which was published on LinkedIn on Monday, seeks a candidate who will be responsible for directing the authority’s approach to regulatory activities in the crypto business throughout the United Kingdom. The new role is also intended to assist the FCA develop a “one narrative on crypto,” according to the job description.

The new job is part of the FCA’s aim to create a separate department for crypto, according to the statement, and it will be critical for the regulator’s crypto supervisory efforts:

“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 […]”

According to the advertising, the FCA will accept applications for this job through April 3, 2022.

The FCA is also seeking for a director of payments and digital assets, according to another job posting from last week.

The initial scope of the post covers policy and oversight relating to payments, e-money, and crypto assets, as well as other developing business models in the financial services sector. The role requires prior expertise and understanding of the relevant regulatory environment, especially concerns relating to cryptocurrencies and payment businesses.

The FCA’s plans to establish a new dedicated crypto regulatory team come as the agency has lately been more worried about the oversight of the cryptocurrency sector.

As part of its efforts to combat money laundering, the FCA issued an order last week to shut down operators of Bitcoin (BTC) ATMs in the nation. Last Friday, the government also highlighted that all UK-based financial services companies, including crypto enterprises, are obliged to guarantee compliance with Russian sanctions.

However, the regulator has previously vigorously regulated the sector. Earlier in March, the FCA said that it had started more than 300 proceedings against unregistered crypto enterprises over a six-month period, with 50 current investigations into unregistered crypto businesses. According to reports, the FCA received 6,372 notifications regarding possible crypto fraud in 2021, up from 3,143 the previous year.

The financial conduct authority did not react promptly to the request for comment.