UK Financial watchdog FCA looks for crypto expertise in its upcoming crypto department

The United Kingdom’s Financial Conduct Authority (FCA), which on one hand is all set for a crypto crackdown, is looking for senior executives with crypto-related expertise. Notably, the regulatory body is preparing to bring a new crypto department to regulate the industry.

As per a recent post published by the FCA this Monday on Twitter, it is searching for a head of the crypto department and a director of payments and crypto department. Both job postings demand crypto expertise.

The candidate will be in charge of guiding the authority’s measures to regulate activities in the UK’s cryptocurrency industry. The new role is also intended to support the FCA in developing a “single narrative on crypto,” according to the statement.

The new position is part of the FCA’s goal to create a specialized crypto department and will be critical to the regulator’s crypto monitoring efforts:

“We are looking for a head of the 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.”

FCA and its strict actions

FCA, which aims a severe crackdown on crypto companies, has led to market-making firm B2C2 pulling its application from the UK licensing as the deadline approaches. 

The posting says that the regulatory body will be accepting job applications until April 3, 2022.

Interestingly, a separate job announcement posted last week reveals that FCA is also seeking a payments and digital assets department director.

The FCA’s efforts to establish a new specialized crypto regulation team come as the agency has been increasingly concerned about the cryptocurrency industry’s supervision in recent months.

Under its plans to combat money laundering, the FCA issued an order last week to shut down operators of Bitcoin (BTC) ATMs in the country. Last Friday, the regulator emphasized that all financial services firms based in the United Kingdom, including crypto firms, must comply with Russian sanctions.

Exchange giant Binance has also been warned by the regulatory body after it launched its own fiat-to-crypto payments provider Bifinity.