Victoria McLoughlin will take up the charge, according to a LinkedIn post, having worked at the FCA for more than a decade. She was previously a supervision manager for cryptoassets and digital markets.
“It’s an incredibly important time for the sector – and will be a real privilege to lead delivery of our supervisory strategy & our fantastic specialist teams in a new FCA Department as we shape the future of financial services & deliver good outcomes for consumers, markets & firms in coming months,” McLoughlin wrote in the post.
She has a legal background, having trained as a solicitor at Magic Circle law firm Linklaters. During her training she was seconded to Lehman Brothers.
The regulator had put out a search for a crypto head in mid-March as pressure mounted ahead of its deadline for granting firms anti-money laundering licenses, which would allow them to continue operating in the UK. The complicated and protracted process for granting licenses has meant that some firms, including marketmaker B2C2, Blockchain.com and BCB Group, have opted to seek regulatory approval elsewhere.
As it stands, there are still five firms on the FCA’s temporary register, including custody heavyweight Copper and neobank Revolut. Earlier this month, the FCA called for contributors for its first “Crypto Sprint” event, as it promised to engage with the industry to inform its policymaking.
Meanwhile, the Treasury has laid out its plans to regulate stablecoins and issue an NFT via the Royal Mint.