The U.K.’s financial services regulator, the Financial Conduct Authority (FCA), appointed a deputy chief executive for the first time, naming Sarah Pritchard to the role as it looks to bolster its oversight of the crypto and digital assets industry.
“The new role has been created to reflect the FCA’s expanding remit, with … regulation of stablecoin and crypto firms as well as buy now pay later activities,” the FCA said on Tuesday.
The country’s regulatory regime trails that of the nearby European Union, which already has a transnational licensing framework in place with its Markets in Crypto Assets (MiCA) regulations. The FCA, which currently certifies that companies on its crypto register comply with anti-money laundering rules, is in the process of creating a more comprehensive regime for the sector. It has said it plans to start authorizing crypto firms along the lines of its approach to traditional finance companies by 2026.
Pritchard’s role will include an international element, the FCA said. “The international environment is complex, our remit is growing and expectations of us continue to evolve,” Ashley Alder, chair of the FCA, said.
Pritchard was previously an executive director of the agency, helping with supervision and policy oversight. The FCA wants to work with the crypto industry to develop regulation for the sector, she said last year. Since then, it has circulated a number of discussion papers on digital assets and stablecoins for its regulatory program.
She will work alongside CEO Nikhil Rathi, who was reappointed in April another five years, and David Geale, a permanent executive director for payments and digital finance.