The UK’s Financial Conduct Authority hires Fintech specialist Binu Paul as its new head of digital assets

Quick take:

• Binu Paul announced his resignation from the Financial Markets Authority in September.
• He has more than 20 years of experience in the financial industry.
• He led the FMA’s fintech efforts and previously supported the intelligence team.

The UK’s Financial Conduct Authority (FCA) has hired Binu Paul, a former fintech specialist at New Zealand’s Financial Market Authority (FMA), as its new head of digital assets, The Block first reported.

Paul announced his departure from the FMA on 11 September after two years at the regulator where he led the FMA’s fintech efforts and previously supported the intelligence team as a principal consultant. Prior to that he co-founded three New Zealand-based fintech companies PocketWise, SavvyKiwi and FINNOTEC.

Paul has over 20 years in the TradFi and fintech industry. He held general manager and fund manager roles in investment companies in New Zealand in the late 90s. From 2007-2010, Paul was Head of Institutional Markets at London’s Tyndall Investment Management followed by a Head of Business Strategy and Development role at the company’s New Zealand location.

Commenting on his career, Paul wrote in a LinkedIn post: “My highlights have to include leading NZ’s leading investment research firm and ultimately overseeing its successful exit, setting up SavvyKiwi for KiwiSavers, and bringing together the fintech community with Finnotec (back in day!), help organize the first ever UK fintech delegation to NZ, be a founding member of Fintech NZ, contribute in a ‘small’ way to the UK NZ Free Trade Agreement, lead the digital and innovation group of the Council of Financial Regulators and more recently help set up fintech regulatory guidance service for fintech startups.”

At FCA, Paul will take over the role of head of digital assets from Victoria McLaughlin, who has been interim head of digital assets since April.

Currently, the FCA has 56 crypto firms on its official register, and the current licensing process for these firms is based on compliance with anti-money laundering requirements. This lengthy procedure has prompted some firms such as Blockchain.com to withdraw their UK regulatory application in favor of European regulation.

In July, the UK introduced a new Financial Services and Markets Bill into Parliament, which provides a framework for repealing retained EU law and replacing it with UK-specific ones after Brexit. The bill says it will regulate stablecoins and “digital means of settlement” as a form of payment in the country.

“By promoting these new innovations, the bill will also enable the creation of financial market infrastructure sandboxes – allowing companies to test the use of new technologies and practices in financial markets, increasing the efficiency, transparency and resilience of new products,” the Treasury said. a press release.

The bill has yet to be passed by the House of Parliament and the House of Lords to be written into UK law. The Government must consult the Bank of England, the PRA and the FCA before making any changes to the Bill.

Keep yourself updated: