FCA veteran appointed interim head of Financial Regulator’s Digital Assets Unit

Victoria McLoughlin, who has worked at the Financial Conduct Authority for more than 11 years, is temporarily leading the UK Financial Conduct Authority’s Digital Assets Unit.

According to a Tuesday post on LinkedIn, McLoughlin took on the position of interim head of the department of the regulator’s Digital Assets Unit in April after serving as a supervisor for crypto assets and digital markets for more than two years. The FCA veteran started as an associate for the Financial Regulator in 2009 and later took over oversight of virtual asset service providers.

“It’s an incredibly important time for the industry,” said McLoughlin. “[It] It will be a real privilege to lead the implementation of our regulatory strategy and our fantastic teams of specialists in a new FCA department as we shape the future of financial services and deliver good outcomes for consumers, markets and businesses in the months to come.”

As interim Head of the FCA’s Digital Assets Unit, McLoughlin will be responsible for overseeing UK-based digital asset firms and supporting the development of a regulatory framework in line with the Government’s “Vision for Crypto”. This year, the FCA has announced several active investigations as part of its efforts to crack down on unregistered crypto firms.

Related: FCA issues Bitcoin ATM termination order

In the UK, firms allowed to “carry out crypto asset activities” must either be registered with the FCA or following a crackdown on Anti-Money Laundering (AML) and Counter Terrorism Financing (CFT) compliance received a temporary operational status. On April 7, five crypto firms continued to operate under temporary registration status after the regulator decided to extend the original March 30 deadline for select companies.