The United Kingdom has conducted important actions after its exit from the European Union, among the most urgent ones is the need to hire experts in regulatory crypto technology to help establish a legal framework for the use of these assets.

The Financial Conduct Authority (FCA), the most important authority in the entire coalition of countries that make up the United Kingdom, issued a statement expressing the need to hire an expert who can help them create a regulatory framework after the United Kingdom left the European Union.

Since last January 31st, 2020, the United Kingdom ceases to be part of the international coalition of Europe, which means that a large part of the agreements established by these countries is without effect, including financial ones. This also means that the regulation or legal establishment corresponding to crypto technology would be incomplete so the authorities consider financial reform as urgent.

According to a publication issued on the LinkedIn social network last February 6th, the FCA is in search of an expert who has experience in the world of cryptocurrencies and related technology. In this way, it hopes to face the task of creating a legal and regulatory framework for digital assets.

The proposal is expected to help establish the rules in line with the 5th Anti-Money Laundering Directive of the European Union. This directive, better known as 5AMLD, has become one of the most recognized teams for making great progress against money laundering and financing terrorist groups in European countries. This proposal entered into force on January 10th.

The announcement clarifies that among the main duties of the occupant of the position will be to actively and directly support the intelligence agencies to supervise operations and actions to be taken regarding these assets. The person will also be responsible for the processing of all applications that may arise from companies linked to these technologies throughout the United Kingdom.

Although the need for an expert in this area is currently highlighted, it is known that the United Kingdom has been carefully working on this financial technology. The regulator has approved all the operations of the most important companies in the sector to work normally.

It should be noted that among the main actions that the United Kingdom has conducted on this technology, it is to decriminalize and allow the use of the two main cryptocurrencies in the world, Ether (ETH) and Bitcoin (BTC). Although this means that they will be free from regulation, they will not be complete without control to protect the block of nations.

It was also stressed that it may be necessary to create a set of laws with a high level of demand for this industry to have credibility and strength in the future.

The announcement of employment for regulatory experts issued by the United Kingdom is a sign of the importance that the crypto industry is taking in the financial sector of different countries of the world.

By María Rodríguez


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