FCA searches for head of new crypto department

FCA searches for head of new crypto department

The Financial Conduct Authority is on the hunt for a candidate to head a new crypto department that will lead and coordinate the watchdog's regulatory activity in the sector.

The job ad describes the position as a "critical leadership role within a proposed new Directorate dealing with emerging business models in the SPC (Supervision, Policy and Competition) division".

The successful candidate will "lead a cross-sector crypto strategy to have a single FCA narrative on crypto", the ad continues.

The new department head will be accountable for leading the FCA's approach to regulatory interventions within the crypto firms in the UK, supervising complex business models of registered firms and dealing with unregistered cryptoasset businesses that may be involved in scams and frauds.

Earlier this month, the regulator revealed that it opened over 300 cases related to crypto firms in a six-month period last year and has 50 live investigations, including criminal probes, into companies in the sector.

The new department head will be expected to build a team capable of developing a data strategy and shaping the FCA's response to new trends and emerging risks in line with Government policy.

The new position comes on the heels of a job ad posted last week for a director of payments and digital assets, who would lead a directorate of c.125-150 people, comprising several departments. The scope of the role initially includes responsibility for policy and supervision relating to payments, e-money and cryptoassets and any other emerging business models across the financial services industry.

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