The Financial Conduct Authority (FCA) has posted a job listing looking to recruit a cryptocurrency specialist, according to a LinkedIn post.
The advert states that the successful candidate will provide intelligence support and advice to enable to regulator to release its “regulatory and criminal responsibilities”.
Regulation of cryptocurrencies in the United Kingdom is currently ambiguous, with guidance being published on numerous occasions by the FCA throughout 2019 despite remarks stating that it “falls outside” of its regulatory remit.
Furthermore, with the UK effectively having left the European Union on January 31, cryptocurrency companies are fearful over a potential regulatory overhaul that could limit the scope of business development in the emerging sector.
Does EU law continue to apply in the implementation period? #fcaBrexit
Transcript: https://t.co/zIFln2CVKZ pic.twitter.com/rTsEvMU2zG
— Financial Conduct Authority (@TheFCA) February 3, 2020
It’s encouraging to see a forward-thinking regulator like the FCA recruit a cryptocurrency specialist as it means it is trying to avoid a more brazen approach.
If the FCA can regulate the cryptocurrency industry by filtering out fraudulent companies it will undoubtedly give legitimate firms more of a chance to grow and succeed.
It could also be good timing in terms of Malta’s potential demise as the ‘blockchain island’, with political uncertainty throughout the country forming an uncertain road ahead of companies that are based there.
The likes of Binance and OKEX both established their exchanges in Malta, which could provide an opportunity to the UK if an innovative set of regulations are to be imposed by the FCA.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.