Regulatory bodies across the world are currently trying to find ways to fully engage with cryptocurrencies. There is a drive to find ways to regulate cryptocurrencies in line with existing rules and regulations and to also protect the public from falling victim to crypto related scams.
One such body working towards finding their way through the crypto industry is the United Kingdom’s Financial Conduct Authority (FCA). The watchdog posted that they are seeking two new candidates who have comprehensive knowledge of cryptocurrencies to add to their team. The candidates being sought after will be working with the Intelligence Services Team at the FCA.
The FCA is developing a team that is focused on dealing with matters relating to digital assets. The team will be working with the Financial Crime Department as per the information provided in the job posting. There is a clear intention on the FCA’s part to be involved in crypto assets and any other crypto related businesses.
Obtaining information about crypto assets, financial and economic crime is part of the mandate given to the two new associates being sought by the FCA. This information will help the FCA to make fully informed decisions and alter their regulations to make sure they cover everything crypto related. The specialists will also be tasked with making sure that the UK is compliant with the European Union’s rules and regulations regarding cryptocurrency.
FCA Developing New Crypto Guidelines
There are new comprehensive guidelines that the watchdog has been working on which are related to the crypto industry. Some of the regulations will be aimed towards giving crypto market participants the clarity they need about regulations around digital assets. The guidelines will also provide a framework that can be used to determine whether crypto assets being used operate within the parameters of the regulations.
Consultation about assistance in creating the regulations ended in April. The final product which will carry a full policy statement is expected to be announced before the end of the summer. The new regulations will offer clarity to both companies and the general public regarding participation in crypto related business. Businesses will also learn whether or not there is any regulatory authorization for transactions and their practices. People who want to buy crypto can be able to refer to the coming guidelines which will assist them to make better decisions.
Having clarity about the parameters in which digital assets are permitted to operate will help online crypto trading in the UK. The industry will be able to grow fully and have more customers on boards. Knowledge that digital crypto exchanges are regulated and are operating within the set regulations will give the general public more confidence in the sector.
This step being taken by the FCA is crucial in the progress of the crypto industry in the United Kingdom. Earlier this month, the regulatory body granted the first ever license to a crypto asset management firm. Under the directive of the European Union, Prime Factor Capital is able to operate as a full scope alternative investment fund manager.