The latest in cryptocurrency recruitment
We have already talked about how cryptocurrency impacts the fintech market. But 2021 was a very different time, investment was at record levels, Bitcoin was at an all time high and Elon Musk didn’t own Twitter. Cryptocurrency becoming mainstream, combined with the rise of the FinTech industry, meant that the average person could access and trade in crypto with newfound ease.
Landmark legal rulings
Earlier this week, there was a landmark legal ruling between the U.S. Securities and Exchange Commission and Ripple. In 2020 the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, its CEO Brad Garlinghouse and co-founder Chris Larsen, alleging failure to register its token XRP as a security before selling around $1.3 billion worth. What followed was years of Twitter spats and incremental legal advancements as Ripple attempted to argue how fundamentally incorrect it is to call XRP a security.
With last week’s news, XRP unsurprisingly rallied. Its token price nearly doubled and trading volumes exploded by an eye-watering 1,351%. But Thursday’s news has done nothing to make clear where crypto will stand in the eyes of U.S. law. We know where the SEC stands – everything is a security except Bitcoin and Ethereum – but the SEC is not the end all be all.
Meanwhile in the UK, Financial Conduct Authority (FCA) ) released a proposed guidance on social media financial promotions that targets promotional memes and financial influencers. The FCA said memes from crypto firms circulated online which many do not realize are subject to its promotional rules. It said promotional memes are particularly prevalent in the crypto sector and added any type of communication could be considered a financial promotion.
Increased regulation in crypto
In our earlier article, we discussed the regulatory challenges surrounding crypto, and the digital assets, with the aim being to have crypto catch-up to traditional financial services regulatory obligations. And whilst the direction of travel is still clear, timelines are not.
The EU is in advanced stages of finalising the new Markets in Crypto-Assets Regulation (MiCA), legislation which will be the basis for harmonised and comprehensive EU regulatory framework for crypto assets. And in the UAE, regulators are creating the world’s first authority solely focused on digital assets.
Locally, the FCA, announced new, near-final proposed rules, following recently-enacted secondary legislation, on financial promotion of crypto-assets within the country. Taken together with the passage of the UK Financial Services and Markets Act 2023 (the “2023 Act”) earlier this week, which brings crypto-assets under the UK’s broader financial regulatory regime contained in the UK Financial Services and Markets Act 2000 (“FSMA”), including FSMA’s rules on financial promotions, it is now all but inevitable that the FCA’s new rules, or ones very close to them, will be entering into force on schedule on or about October 8.
A poor economy for crypto talent
Crypto exchanges and developers, like other FinTech start-ups have not been immune to the mass layoffs we have seen in the wider technology market. Coinbase, which is one of the more mainstream names in the market, has trimmed their workforce on several occasions in the past twelve months.
The launch of Coinbase on the Nasdaq in April 2021 was hailed as a turning point for cryptocurrency. With its stock price closing at $328.28 on the first day of trading, the exchange had a market value of $86 billion. After 14 months, the corporation started to exhibit cracks as crypto winter unmistakably arrived. The company announced its Q1 2022 results in May, revealing a 27% drop in revenue from the prior year and a net loss of $430 million.
But Coinbase is only one example of legitimate crypto businesses not finding their role in the world. Binance, the world’s largest crypto exchange is cutting its workforce by 1,000 people, and Gemini is also making significant cuts to their workforce.
What once alluded to being a lucrative area for investors, has once again been doused with questions surrounding the longevity and sustainability of the industry.
Risk, compliance and governance career opportunities c of cryptocurrency growth
London continues to dominate Europe’s fintech sector. With significantly more ongoing input from the FCA into this market, there is a constant demand for experienced governance professionals. While businesses are continuing to hire traditional governance professionals, such as, Head of Compliance, MLRO and Head of Risk, there has also been more of a focus on specialist professionals with anti-money laundering experience, such as, Combating the Financing of Terrorism (CFT), Transaction Monitoring, and Suspicious Activity Reports (SARs). It is often desirable that professionals with experience in these areas also have technology skills, for example coding language, or specific software knowledge.
Candidates looking to specialise in this discipline should try and focus on a combination of practical hands-on experience and relevant crypto qualifications from accredited bodies, such as, the International Compliance Association (ICA), and the Association of Certified Anti-Money Laundering Specialists (ACAMS).
Candidates should interview carefully with any start-up, and conduct due diligence, asking as many questions as possible to ensure there is sufficient funding and a quality strategic plan to support the growth of the business.
Get in touch to discuss your options
Signup to receive the latest discipline specific articles
Related articles
Teaser
Financial ServicesContent Type
General
18/10/23
Summary
The UK's macroeconomic landscape continues to present a mixed picture, with some indicators showing signs of improvement while others remain concerning. Inflation, as measured by the Consumer
by
Tracey Alper
Teaser
Finance & AccountingContent Type
Career Advice
20/09/23
Summary
Financial analysts are responsible for a range of tasks that help people and businesses make informed investment decisions. This profession offers both challenges while also being financially rew
by
Laura Gunby
Teaser
Finance & AccountingContent Type
Career Advice
18/07/23
Summary
Both accounts payable and receivable are key components of financial operations, and no matter the size of an organisation, the need for accountants has been and continues to exist. From cash flo
by
Alastair Paterson
Related jobs
Salary:
Bonus + Benefits
Location:
City of London, London
Industry
Investment Banking & Capital Markets
Qualification
None specified
Market
Financial Services
Salary
£100,000 - £125,000
Job Discipline
Compliance
Contract Type:
Permanent
Description
A client of mine, a fast growing bank is looking for a Mandarin-speaking Head of Compliance to lead the function.
Reference
BBBH180219
Expiry Date
01/01/01
Author
Muddasar MahmoodAuthor
Muddasar MahmoodSalary:
£30,000 - £35,000 per annum
Location:
Stockport, Greater Manchester
Industry
Business Services
Qualification
None specified
Market
Financial Services
Salary
£35,000 - £40,000
Job Discipline
Process Improvement
Contract Type:
Permanent
Description
Purchasing Officer Stockport £30,000 - £35,000
Reference
BBBH180207
Expiry Date
01/01/01
Author
Terri BishopAuthor
Terri BishopSalary:
£30,000 - £37,000 per annum + +10% Bonus + 3 Days WFH
Location:
South West London, London
Industry
Investment Banking & Capital Markets
Qualification
None specified
Market
Financial Services
Salary
£35,000 - £40,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Contract
Description
We are recruiting for a Collections Account Manager to join a large European corporate banking group, with worldwide jurisdiction on a 12 months Fixed-Term Contract.
Reference
BBBH179942
Expiry Date
01/01/01
Author
Deem NaPattaloongAuthor
Deem NaPattaloongSalary:
£140,000 - £150,000 per annum
Location:
City of London, London
Industry
Investment Management
Qualification
None specified
Market
Financial Services
Salary
£125,000 - £175,000
Job Discipline
Project & Programme Management
Contract Type:
Permanent
Description
A rapidly growing Asset Management firm require a Data Transformation/Strategy Lead to come in on an initial 6 month FTC with potential for extension.
Reference
BBBH180188
Expiry Date
01/01/01
Author
Oliver BradleyAuthor
Oliver BradleySalary:
£35,000 - £40,000 per annum + Study Support (ACA, ACCA, CIMA) + Bonus
Location:
London
Industry
Investment Management
Qualification
Part qualified
Market
Financial Services
Salary
£40,000 - £50,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
This is a newly created role at an Independent Investment Boutique working closely with the Financial Controller & Finance Director in Central London.
Reference
BBBH180167
Expiry Date
01/01/01
Author
Thomas SteelAuthor
Thomas SteelSalary:
£25,000 - £27,000 per annum
Location:
Chester, Cheshire
Industry
Business Services
Qualification
None specified
Market
Financial Services
Salary
£25,000 - £30,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Business Analyst
Reference
BBBH180170
Expiry Date
01/01/01
Author
Glenn FyfeAuthor
Glenn FyfeSalary:
Negotiable
Location:
Geneva
Industry
Investment Management
Qualification
None specified
Market
Financial Services
Salary
£100,000 - £125,000
Job Discipline
Middle Office & Operations
Contract Type:
Permanent
Description
Globally renowned Asset Manager adding a new function within their Client Services Department
Reference
BBBH180164
Expiry Date
01/01/01
Author
Cliodhna LynchAuthor
Cliodhna LynchSalary:
£20,000 - £26,000 per annum
Location:
Blackburn, Lancashire
Industry
Professional Services
Qualification
None specified
Market
Financial Services
Salary
£25,000 - £30,000
Job Discipline
Part Qualified & Transactional Finance
Newly Qualified Finance
Contract Type:
Permanent
Description
French Speaking Accounts Assistant Blackburn £26,000
Reference
BBBH180161
Expiry Date
01/01/01
Author
Terri BishopAuthor
Terri BishopSalary:
+ Benefits
Location:
London
Industry
Private Equity
Qualification
Fully qualified
Market
Financial Services
Salary
£100,000 - £125,000
Job Discipline
Qualified Finance
Contract Type:
Contract
Description
Senior Fund Controller (Private Debt Funds) - 12m Contract
Reference
BBBH177293
Expiry Date
01/01/01
Author
Paul RocheAuthor
Paul RocheSalary:
£120,000 - £140,000 per annum
Location:
London
Industry
Professional Services
Qualification
Fully qualified
Market
Financial Services
Salary
£125,000 - £175,000
Job Discipline
Legal
Contract Type:
Permanent
Description
Corporate Associate (5+ years PQE) London £120,000- £140,000
Reference
BBBH180149
Expiry Date
01/01/01
Author
Elliott KayeAuthor
Elliott Kaye