FCA Looks For Head Of New Crypto Department

The UK government is seeking a new director of its Cryptoassets Task Force who will be tasked with assessing cryptocurrencies and cryptoasset markets in the United Kingdom.

The “FCA Security Tokens” is the new crypto department that will be looking for a head. The company has been in need of a new department for some time now.

The Financial Conduct Authority (FCA) is looking for a candidate to run a new cryptocurrency department that would oversee and coordinate the regulator’s efforts in the space. The role is described in their job post as a:

“Critical leadership post within a planned new Directorate in the SPC (Supervision, Policy, and Competition) division dealing with evolving business models.”

The selected applicant would “lead a cross-sector crypto strategy to have an uniform FCA narrative on crypto,” according to the job description.

The new department head will be responsible for leading the FCA’s approach to regulatory interventions in cryptocurrency companies in the UK, as well as overseeing complex business models of various registered companies and dealing with the majority of unregistered crypto firms that may be involved in frauds and scams.

In March, the agency said that it had launched more than 300 cases involving crypto enterprises in a six-month period in 2021, and that it now has 50 active investigations, including criminal inquiries, against companies in the field.

The new department head will be in charge of putting together a team capable of developing a functional data strategy and structuring the FCA’s reaction to new trends and emerging threats in accordance with government policy.

This new role follows another job posting in the last week for a director of payments and digital assets, who would be in charge of a directorate of c.125-150 employees, divided into numerous divisions.

The role’s initial responsibilities include policy and oversight of e-money, payments, and crypto assets, as well as most other developing and popular business models in the financial services industry.

The “is coinbase covered by fca” is a question that has been asked many times. Coinbase, one of the most popular cryptocurrency exchanges in the world, is not regulated by the Financial Conduct Authority.