UK Watchdogs Seek To Set Independent Teams To Regulate Crypto Companies

The financial conduct authority is planning to set up a separate team to regulate and control the activities of the crypto industry in the UK. 

The UK is a blockchain-friendly nation in the world but its stance on crypto seems not friendly. Existing crypto frameworks in the UK are highly strict and also not easy for the majority of the crypto companies to fulfill the minimum requirements to get regulatory approval to start crypto operations. 

According to a recent job post detail on LinkedIn, The Financial Conduct Authority (FCA), the U.K.’s financial member want to hire someone, who can head the digital assets department and also set up a new team. 

Under the details of the requirements, the Digital assets department head will be required to have the talent to manage the work of FCA’s regulatory operations against the crypto companies, which are involved in illegal activities or any kind of fraud attempt. 

The required position will be required to have the talent to create regulatory Policies and also to support the innovation in the crypto sector under the regulatory approach of the FCA and government.

The LinkedIn post also mentioned that the required position should also have the talent to collaborate with the global regulatory bodies including the talent to ” lead a cross-sector crypto strategy to have a single FCA narrative on crypto“.

The due date to apply for this job position is 3 April. Besides this open position, FCA also is waiting to hire a person who can play a better role as director of payments and digital assets to supervise policy. And the last date to apply for this position is 27 March. 

Ban on Crypto ATMs 

Last week, UK Watchdogs released an order for all the crypto companies and operators to shut down their all crypto ATMs services. 

The released statement of FCA confirmed that none of the total 27 licensed crypto companies in the UK are allowed to operate crypto ATMs services. And also ordered to get registered with the Agency for such operations. 

Read also: Deloitte: CBDC can’t replace Bitcoin but will provide options