{"id":249075,"date":"2020-02-06T12:13:05","date_gmt":"2020-02-06T17:13:05","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=249075"},"modified":"2020-02-06T12:13:05","modified_gmt":"2020-02-06T17:13:05","slug":"british-financial-regulator-seeks-crypto-professional-for-amld5-enforcement","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/british-financial-regulator-seeks-crypto-professional-for-amld5-enforcement","title":{"rendered":"British Financial Regulator Seeks Crypto Professional for AMLD5 Enforcement"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">The Financial Conduct Authority (FCA), the financial watchdog for the United Kingdom, has opened a position for a cryptocurrency expert as the agency looks to navigate the murky waters of regulation going forward.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to a\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/www.linkedin.com\/jobs\/view\/1694218132\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">job posting<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0published on LinkedIn on February 6, the financial regulator is looking for an Intelligence Associate who has extensive expertise with cryptocurrencies and who will help the agency to classify digital assets concerning the Fifth Anti-Money Laundering Directive (AMLD5) from the European Union.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Managing AMLD5 with an Improper Regulatory Framework\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The regulations, which were officially enforced on January 10, have posed a bit of a threat to cryptocurrency businesses that operate within the European Union. It imposes stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements on them. Although the Boris Johnson administration was able to get Brexit done and the U.K. formally exited the European economic bloc last week, the nation is still obligated to comply with the AMLD5 and its precepts.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">So, the agency is looking to hire someone with progressive experience that will be able to help with cryptocurrency clarifications and provide smooth enforcement of the regulations. As the job posting describes, the ideal candidate will be able to assist with intelligence support for the agency\u2019s intelligence team, while also processing applications for companies looking to enter the U.S.\u2019s financial services industry.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Like most countries, cryptocurrency regulations in the United Kingdom have largely stalled for the past few years. There was a lot of hope that things would change in 2019, and things started that way. However, apart from a few tax guidelines shared by her Majesty\u2019s Revenue &amp; Customs (HMRC) as regards the tax classifications of cryptocurrency, not much progress has been made on that matter.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Last week, there was a rumor that the FCA could place a blanket ban on cryptocurrency derivatives trading, as top officials had explained that scam operations had milked investors out of billions of dollars. So, it\u2019s safe to say that the issue of cryptocurrency regulation is already as testy as it is. Now that the <a href=\"https:\/\/insidebitcoins.com\/news\/european-cryptocurrency-exchanges-get-ready-for-heightened-scrutiny-with-amld5\/246977\">AMLD5<\/a> has been thrown into the mix, things will get much more challenging.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">British Crypto Firms Feeling AMLD5 Effects Already\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">AMLD5 has started to affect companies already. Last December, <a href=\"https:\/\/insidebitcoins.com\/news\/eu-aml-laws-force-bottle-pay-to-shutter-its-services\/244261\">Bottle Pay<\/a>&#8211; a crypto payment processor based in the country- announced that it would be shutting down its services as AMLD5 enforcement had made it impossible for the firm to operate. In a bombshell announcement, the service, which makes it possible for users to send Bitcoin from their social media accounts, explained that it would immediately be returning users\u2019 funds.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Since it was registered in the U.K. as a Bitcoin wallet service provider, the firm explained that the information that it would have had to provide to regulators would simply \u201calter the current user experience so radically, and so negatively, that we are not willing to force this onto our community.\u201d Seeing no other way out, the company closed shop.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">The Financial Conduct Authority (FCA), the financial watchdog for the United Kingdom, has opened a position for a cryptocurrency expert as the agency looks to <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/british-financial-regulator-seeks-crypto-professional-for-amld5-enforcement\" title=\"British Financial Regulator Seeks Crypto Professional for AMLD5 Enforcement\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":233580,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[9942,5060,7702,8996,8237],"class_list":["post-249075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-amld5","tag-eu","tag-fca","tag-hmrc","tag-uk"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - 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