UK financial watchdog seeks crypto talent amid new crackdown

UK financial watchdog seeks crypto talent amid new crackdown

The United Kingdom’s Financial Conduct Authority (FCA) is seeking senior executives with cryptocurrency-related expertise as the regulator is preparing to launch a new crypto department to regulate the industry.

FCA’s LinkedIn job postings indicate that the authority is currently looking for a head and director of the payments department. Both job postings are for crypto savvy.

The FCA’s head for digital assets job posting was published Monday on LinkedIn. It targets a candidate who will lead the authority’s approach in regulatory operations within the cryptocurrency industry across the United Kingdom. According to the posting, the new role is expected to allow the FCA to have a single narrative about crypto.

This new role is part FCA’s plan for establishing a crypto-dedicated department. The announcement notes states that this new position will be vital for regulator’s efforts to supervise crypto.

“We are seeking a head of the department to create and lead a new Crypto department. This will coordinate and lead the FCA’s regulatory activities in this emerging market. This is a crucial leadership role in a new directorate that will deal with emerging business models […]”

According to the posting, the FCA will accept applications for this post until April 3, 2022.

The FCA posted another job announcement last week. It is looking for a director of the payments and digital assets division.

Initial responsibility includes supervision and policy related to crypto assets, e-money, and payments. This position requires knowledge and experience in the regulatory environment, including issues related to cryptocurrencies and payment companies.

The FCA’s recent efforts to create a dedicated crypto regulation unit come amid growing concern about the oversight of the cryptocurrency sector.

As part of its efforts against money laundering, the FCA issued a directive last week to close down Bitcoin ATM operators in the country. Last Friday, the FCA reiterated that all UK-based financial service firms, including crypto-businesses, must comply with Russia sanctions.

Related: FCA confirms its power to suspend or cancel crypto-firm registrations in response to Bifinity concerns

However, the regulator has also been active in regulating the industry. In March, the FCA announced that it had opened over 300 cases against unregistered cryptocurrency firms in a span of six months and launched 50 investigations against unregistered businesses. According to reports, the FCA received 6,372 alerts regarding suspected crypto frauds in 2021 compared with 3,143 last year.

Cointelegraph did not receive a response from the FCA to our request for comment.

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