Cryptocurrency regulation in the UK
The UK has been busy getting ready for cryptocurrency regulations that it plans on implementing soon, together with the Financial Conduct Authority (FCA). This organisation is responsible for regulating the country’s financial markets and is now taking steps to further indulge in the cryptocurrency industry.
The Organisation is looking to hire a few cryptocurrency specialists in order to join its new divisions. According to a report a few days ago the UK organisation of the Government published a new Economic Crime Plan for the year 2019 til the year 2020. The plan is to start taking action on
Cryptoassets in order to make sure the assets are not being used for illegal activities and money laundering. There has been two recent job openings that have been posted for Cryptoasset specialists Supervisors and Crypto Intelligence Associates.
These two entities will be required to undertake intelligence support and advice to authorities when needed. The topics will be focused on the deployment and implementation of cryptoassets both internally and externally. This will become more required as the country tries to implement more regulations in specific cases.
Cryptoasset Specialist Supervisors are expected to join new teams dedicated to digital assets within financial system fraud department. With excellent analytical and communicative skills on Distributed Ledger Technologies. The candidates will be helping with the formulation of the approach to financial crimes division. While also creating reports on how financial firms are managing their risk to financial fraud in the crypto space.
Crypto being used in financial firms
The FCA is continuing its stances on trying to regulate the cryptocurrency industry, as it is not possible to shut it down. There are currently Guidelines that are being worked on with Cryptoassets, as they are hoping to provide regulatory clarity for participants in the cryptocurrency market. The firm is working on trying to get this report published by the end of this summer.
The UK Government has also taken a laissez-faire stance against cryptocurrency assets and will try and strengthen this through these regulations.
Furthermore, the head of the UK treasury, Philip Hammond has recently came out. Stating that the UK organisation will be working together with others in order to ensure that the upcoming Libra cryptocurrency along with others are efficiently regulated. However, the Libra “WhitePaper” has put forth some great plans against tight and unnecessary regulations. In order to effectively transform the payments system operations along with other cryptocurrencies like Bitcoin.
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