UK Regulator FCA Names Interim Head for Digital Assets Unit

The U.K.'s Financial Conduct Authority appointed Victoria McLoughlin as interim head of its digital assets department as the country ramps up its efforts to regulate the crypto industry and establish its credentials as a global crypto hub, according to her LinkedIn profile.

McLoughlin started her new position earlier this month, her profile shows. For the past two years she has been the financial-services regulator's supervision manager of crypto assets and digital markets. Prior to a one-year break, she had been at the FCA for more than nine years.

The FCA started searching for someone to lead the crypto division in March. It was looking for someone to build a new team and lead regulatory activities regarding crypto firms that may be involved in “scams and frauds," the job posting read on LinkedIn at the time. More recently, the regulator said it would be hiring 80 people to crack down on problem firms.

At the beginning of the month, the U.K. announced a series of initiatives toward its goal of making the country a global center for crypto technology and investments, with Chancellor of the Exchequer Rishi Sunak saying he wanted the country to be a "a global hub for crypto asset technology." The government also reported on a consultation on regulating crypto assets such as stablecoins, saying it will work with the FCA, the Bank of England and Payments Systems Regulator.

The FCA became the U.K.'s authority for anti-money laundering and countering the financing of terrorism at the beginning of 2020, which meant that crypto companies that were residing and operating in the U.K. needed to register with the FCA. A few that have yet to be granted full authorization are on a temporary registration list that has allowed them to continue operating in the country.

The FCA declined to comment on the appointment.

Read more: UK Crypto Industry Hopes for More Clarity From Planned Stablecoin Rules