The United Kingdom’s FCA is looking for crypto experts as part of their latest efforts to regulate digital currencies operating in the UK.
The UK’s financial conduct authority posted a job role on LinkedIn, calling for someone with “experience working with crypto assets” and other relevant financial experience to help the organization expedite its aims of bringing more supervision and regulatory oversight to the cryptocurrency industry.
FCA and its Punishing Oversight
The FCA (financial conduct authority), is a governmental body responsible for fair, lawful conduct in financial activity, and became the UK’s official legal authority and supervisor in matters of crypto behavior on January 10, 2020.
As part of the body’s role, it is responsible for bringing Anti-Money Laundering and Counter-Terrorism Finance Policy into action.
To date, British policy reflects a stringent version of the EU’s fifth Anti-Money Laundering Directive, bringing in a more invasive approach to crypto regulation.
The EU directive advises regulating companies that are directly involved with the transfer of fiat currency into crypto, whereas British law – closely in line with FATF – recommends deeper oversight of all ‘virtual digital asset service providers’ or ‘crypto exchange providers’.
According to Paul Hastings LLP, the FCA’s brief includes monitoring UK entities that facilitate:
- Exchanging, or arranging or making arrangements with a view to the exchange of, crypto-assets for money (i.e., Pounds Sterling or any other currency or money in any other medium of exchange) or money for crypto-assets;
- Exchanging, or arranging or making arrangements with a view to the exchange of, one crypto-asset for another; or
- Operating a machine, which utilizes automated processes to exchange crypto-assets for money or money for crypto-assets.