UK financial regulator seeks to build digital assets department

The Financial Conduct Authority (FCA), the UK’s financial regulatory body, is seeking to build a digital assets department according to a job listing posted on LinkedIn.

The hiring, posted on Monday, is notably only two weeks before its March 31 deadline for crypto firms listed on its temporary register to migrate over to its permanent anti-money laundering registry for crypto startups. 

The job listing looks to recruit a head of department role that will lead “a single FCA narrative on crypto” along with supervising both registered and unregistered crypto firms. It also says that the individual will be in charge of collaborating with regulators internationally to develop policy and will take a leading role in training the crypto capability of their colleagues. 

The hiring comes as the regulatory body doubles down on regulating crypto firms and startups, much to the dismay of the UK’s crypto companies. 

Last week, The Block reported that crypto firms have begun to give up on doing business in the UK due to the regulatory pressure from the FCA. It notified at least half a dozen crypto firms on its temporary register that they are likely to be rejected.

In the same week, the body also clamped down on crypto ATMs in the country, ordering their operators to shut down their machines or face penalties.