FCA Taps Victoria McLoughlin as Interim Head for Digital Assets Unit

The U.K.’s Financial Conduct Authority (FCA) has appointed Victoria McLoughlin as interim head of its digital assets department, according to her LinkedIn profile, another step in the country’s efforts to regulate the industry and become a global cryptocurrency hub, CoinDesk reported Wednesday (April 20).

Before her interim assignment, McLoughlin had been the financial services regulator’s supervision manager of crypto assets and digital markets for the past two years. Prior to a one-year break before that stint, she had been at the FCA for more than nine years in various positions, the report noted.

Per the report, the FCA started searching for a crypto division head in March. According to a LinkedIn job posting, the FCA was searching for someone who could build a new team and lead regulatory activities regarding crypto firms that may be involved in “scams and frauds.” The FCA also recently said it plans to hire 80 people to implement the industry-wide crackdown.

Earlier this month, U.K. Chancellor of the Exchequer Rishi Sunak said he wanted the country to be a “global hub for crypto asset technology.” The government also said it will work with the FCA, the Bank of England and Payments Systems Regulator to regulate stablecoins and other crypto assets.

The FCA declined to comment on McLoughlin’s appointment when contacted by CoinDesk.

Earlier this month, the FCA rolled out a three-year strategy plan that will enable the regulator to stop firms that don’t meet their standards from entering in the U.K. markets and “improve outcomes for consumers.”

Related: UK Financial Regulator’s Strategy Plan Includes Crypto, AML, Big Tech

The strategy plan includes efforts to reduce and prevent serious harm — for instance, by tackling frauds and scams — as well as setting and testing higher standards. For the first time, the regulator will also be held accountable for delivering results, and it will publish performance metrics to measure its success.

The plan contains a number of proposals for the next three years, but the regulator has already started to take action in crypto, anti-money laundering and Big Tech in finance.