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FCA Looking for Specialists in Cryptocurrencies

July 18, 2019 16:07
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The United Kingdom’s regulatory body Financial Conduct Authority (FCA) is reportedly looking for candidates who have extensive knowledge related to cryptocurrencies. News portal CoinGeek reported that they would be working with the Intelligence Services Team at the agency.

The official website describes the role as one that will involve, “considerable amounts of liaison and stakeholder management with internal and external patterns on the topic of crypto assets, financial and economic crime linked themes and the role of various processes and areas in regulating this activity.”

The post said that the candidate will learn a great deal of opportunity to learn from and understand intelligence processes and work, and influence the way we support the breadth and depth of the FCA remit, including the new area of Crypto asset regulation.

This move is especially interesting, because earlier this month, the FCA was proposing rules to address harm to retail consumers from the sale of derivatives and exchange traded notes (ETNs) referencing certain types of cryptoassets.

At the time, speaking about this development, Christopher Woolard, Executive Director of Strategy & Competition at the FCA, had said, “As with our work on the wider CFD and binary options markets, we will act when we see poor products being sold to retail consumers. These are complex contracts built on top of complex assets.”

He had added, “Most consumers cannot reliably value derivatives based on unregulated cryptoassets. Prices are extremely volatile and as we have seen globally, financial crime in cryptoasset markets can lead to sudden and unexpected losses. It is therefore clear to us that these derivatives and exchange traded notes are unsuitable investments for retail consumers.”

In January this year, the FCA had released a paper on cryptoassets regulations specifically for cryptocurrency traders and the community at large.

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