The UK Financial Conduct Authority is on the look for a head who can handle the crypto assets segment, which is relatively a new area in its services and significant interest has been lately witnessed in the area. Related advertisement has been rolled out for the department of digital assets and it seems the agency is looking ahead to the creation of a more resilient and fair financial system.
The British watchdog claims significant improvements are being pursued in digital enablement, market data, information management maturity and business intelligence with a view to maintaining the position of a global leader in providing financial regulation services.
The new head will be responsible for building as well as leading a new crypto unit that can coordinate with the regulatory activity of FCA in the emerging market. Further detail is still awaited from the agency. It is simultaneously not very clear how many people will be employed in the new team.
Similarly, guidance to financial advisers has not yet been revealed and it is not understood how the agency can talk about the digital asset with clients.
It is believed the new head may span all the unregistered companies and FCA regulated firms as well. The new head will be supervising the innovative business models of the companies and simultaneously deal with the registered crypto businesses as fraud and scams are common in the segment.
According to FCA, the crypto segment is attracting media attention greatly besides the interests of external stakeholders and MPs. The new head needs to support the innovation and the vision of the government on it.
The chosen candidate is learned to be responsible for responding to both risks and developments which arise for the small and retail customers.
A couple of months ago the agency called for more powers in order to play a giant role in the regulation of crypto assets. It seems that FCA is on a recruitment drive and it is expected may be equipped with about 200 fresh joiners.
Lately, the enquiries for possible scams related to cryptocurrency have increased several folds. A report reveals the number of reports in 2021 was 6,372 while the figure was just 3,143 in 2020.
Cryptocurrency is the newest entry in the financial world. It was first coined in 2009 with the launch of Bitcoin. Today, there are thousands of such crypto coins, which are basically digital coins without having any physical form. Transactions are fulfilled and managed in a public digital ledger.