Friday, September 30, 2022

UK Regulator FCA Appoints Ex-Police Officer As Head of Crypto Unit

In line with plans to expand its staff and effect its three-year strategy, the U.K.’s Financial Conduct Authority (FCA) has appointed Matthew Long as the head of its new crypto unit. Long, who was a former police officer, is one of six new appointees handpicked by FCA. 

FCA appoints Matthew Long as head of the crypto unit

According to a Tuesday announcement by the FCA, Matthew Long will oversee the affairs of its new crypto unit. And to discharge his duties, Long will be bringing along his many years of experience in financial intelligence. 

Presently, Long works at the National Economic Crime Command of the National Crime Agency. There he serves as the head of the financial intelligence unit and is responsible for monitoring transactions that raise suspicions of money laundering. 

And speaking about the appointment, Nikhil Rathi, the CEO of FCA insists that the additions are important to the agency. With the FCA focusing on consumer protection and regulatory clarity, Rathi says; 

“As our remit grows and to deliver on our ambitious strategy, we’re continuing to develop and bring in the skills and talent we need.”

Ambitious goals 

Long will take up the role of the Director of Payments and Digital Assets in October. However, his appointment comes alongside five other appointments as the FCA continues to put a team of experts together.

But the overall aim of the FCA’s plan – which extends from 2022 to 2025, is centred around potential new stablecoin laws. The regulator is seeking to protect investors, and reduce their risk exposure to the barest possible minimum. Also, the agency wants to encourage higher product standards. And as expected, this will, in turn, bring about positive changes and more readiness for regulation.

With the level of expertise that the latest additions bring to the team, however, the FCA appears to be well on track with its plans.

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