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While the UK has become one of the biggest markets for cryptocurrency, regulators continue to keep a close watch on this nascent industry in order to protect investors and fight potential illicit activities.
A recent example of just how wary the British government is of crypto coins is a new job post by the Financial Conduct Authority (FCA). The agency is looking for a crypto specialist who will help address the myriad of concerns regarding the rising trend.
In the job post for the “Crypto Intelligence Associate” that was put up on the FCA’s official website, it’s clear the agency is looking for someone with considerable skills with regards to cryptocurrency. From the details provided, it would appear that this is intended to improve its supervision of the industry.
“The role will involve considerable amounts of liaison and stakeholder management with internal and external patterns on the topic of crypto assets, financial and economic crime linked themes and the role of various processes and areas in regulating this activity,” the job description reads.
“There will be opportunity for specific case involvement, support to Authorisation and Supervision areas on firms and individuals, exposure to economic and financial crime intelligence to aid decision makers, and the ability to learn more on this emerging technology.”
Apart from the “Crypto Intelligence Associate” position, the agency is also looking for a “Crypto-asset Specialist Supervisor,” which was posted on LinkedIn. This position will be responsible for overseeing a team that will “focus on assessing the financial crime systems and controls in firms operating within the Cryptoasset market.”
All of this points to the FCA becoming more interested in playing a bigger role in regulating the crypto industry, The Block reports. On the surface level, this could mean better regulations for the market, which could mean more opportunities for traders and exchanges.
However, it could also mean tighter regulations, which are not necessarily the same things. It could indicate that the UK is beginning to look at the crypto industry with more hostility.
Just recently, the government drafted a new Economic Crime Plan to tackle financial crimes, including an “intervention on crypto assets.” The financial crime prevention plan aims to implement guidelines on how authorities should respond to illegal financial activities, including “fraud, money laundering, bribery, and corruption” at home and abroad.
