Crypto and blockchain job seekers are in for a treat. One of the primary financial regulators – the Financial Conduct Authority (FCA) – in the United Kingdom is looking for someone who can serve in a crypto/ blockchain capacity and help them better understand the properties and abilities behind distributed ledger technology.
The FCA Is Searching Far and Wide
The job post reads as follows:
You will enjoy a unique view of the financial services industry, law enforcement partners and UK government with the opportunity to do meaningful work that makes a real difference in protecting consumers, our firms, and UK financial services industry against financial crime harm.
This is a clear sign that cryptocurrencies and the technology behind them are potentially becoming more mainstream, and government officials are looking to better understand them as they edge their way deeper into the daily lives of traders and consumers alike.
The job description further states that the person up for the job must have a clear understanding of present legislation directed towards cryptocurrencies, including the Financial Services and Markets Act. They will be expected to act as the “go-to” person for all the FCA’s blockchain and crypto questions and provide specific details regarding where regulation should potentially move in the future.
Daniel Williams – a UK-based financial advisor with Morgan Williams & Co. – explained in a statement:
The FCA has tried to modernize its thinking over the past few years, it’s their duty to try to keep up with new assets and technologies.
He also explained that the FCA is also looking to bolster its crypto knowledge not necessarily because it thinks crypto is becoming a staple of the future, but because it wants to protect the rights and holdings of modern traders.
Right now, cryptocurrencies remain largely unregulated. While we are starting to see small snippets of legislation pop up in developed regions like the United States and parts of Europe, trading such currencies can be very risky given that many exchanges still operate without the influence of government or financial agencies.
As a result, 2019 saw more cybertheft, hackings and digital attacks than any other year, and the amount of cryptocurrency funds stolen was at a record high.
We Want to Protect You
Unless stronger action is taken by global regulators, we can expect to see more of this in the coming years. In the United Kingdom alone, the FCA reports that British crypto investors lost as much as $34 million between 2018 and 2019.
It’s interesting to see the FCA take such a huge stance in getting to know cryptocurrencies better, considering in July of last year the organization issued a statement suggesting that they were “unsuitable” investments. The following month, it submitted a final report regarding how it felt digital assets could (and should) be regulated.