The major financial authority in the UK, known as the Financial Conduct Authority (FCA), wants to hire a cryptocurrency specialist.
More specifically, the FCA wishes to work with someone who has crypto expertise in order to know how to address digital assets according to the EU’s 5th Anti-Money Laundering Directive (AMLD5). At least this is what an FCA LinkedIn posting from February 6 says. AMLD5 came into effect last month, on the 10th. It represents the efforts made by authorities to deal with money laundering activities in Europe.
The Expert Will Be a Part of the Core Function Team at the FCA
While the UK exited the EU 6 days ago, on January 31, the British government still needs to pay attention to the European cryptocurrency law that has recently been enforced, this being the reason why it’s looking for a crypto expert to join its core function team, which is the team dealing with intelligence and has been responsible with the interpretation of the AMLD5 regulation since January this year. As the job posting says, this person would be responsible with the enforcement and supervision of the regulation, also with processing applications of firms wanting to join the financial services industry in the UK.
The FCA Has Been Very Active in the Crypto Space
The FCA has many times made its voice heard in the crypto space. It has approved the operations of important firms in the industry and closely investigated what happened in the country’s crypto space. Back in July 2019, it announced that it won’t regulate 2 of the most used cryptocurrencies in the world: Bitcoin (BTC) and Ether (ETH).
The FCA’s new action on AMLD5 arrives soon after the agency made the official announcement that it’s going to start supervising AML compliance of crypto companies in the country. It has been reported that the rules FCA plans to impose are going to be very stringent.