The financial industry regulator in the United Kingdom seems to be eyeing cryptocurrencies seriously. On February 6, the Financial Conduct Authority (FCA) posted a job listing aiming to hire a crypto intelligence expert. The expert would then join the FCA’s core function team.
The UK’s financial regulatory body oversees and regulates financial product offerings in the country. The FCA now aims to enhance its involvement in crypto-assets and crypto-related businesses.
Currently, the agency seeks an individual with experience in working with blockchain, crypto assets, emerging fintech products, and distributed ledgers. This job listing insists on compliance, crime, and 5MLD (EU’s fifth money laundering directive).
The regulator needs the right candidate who is knowledgeable about specific legislation. Some of the areas that the right candidate must be qualified for include Regulation of Investigatory Powers, General Data Protection Regulations, and Financial Services and Market Act.
The Candidate’s Responsibilities
Once selected, the candidate will act primarily as an internal expert on all things associated with crypto and its potential regulation. Also, the candidate will be responsible for offering intelligence advice and support to all the other parts of the FCA accountable for regulating the sector.
This cryptocurrency intelligence associate will also feature a considerable amount of stakeholder management and liaison with various government agencies. The focus will aim to acquire information on economic and financial crime related issues, crypto assets, and different processes involved in regulating crypto activities.
All these efforts and liaisons will enable the FCA to make informed decisions about particular cases. The regulator’s new crypto-crime team will determine all the responsibilities of the recruit.
Additionally, the crypto-crime team will do frequent anti-money laundering inspections of other high-risk companies. Hence, the candidate will be required to report on how companies manage financial crime risks and the necessary controls they put in place.
The FCE seems to be seeking ways of hardening the relative laissez-faire approach, which it has embraced in the UK until now. That could be the reason behind its focusing on hiring a crime and intelligence expert.