Reference Case Number: FOI11138
Freedom of Information: Right to know request:
Please could you provide:
- The present headcount of the FCA's cryptoasset team.
- The team's headcount at end-of-year in 2018, 2019, 2020, 2021, 2022, 2023.
- Information on whether the team's remit includes anything other than oversight of firms' compliance with the Money Laundering Regulations (MLRs).
On 18 March 2024, you clarified that you were interested in ‘the headcount within specific cryptoasset teams.
FCA response:
We can confirm that we hold some of the requested information, which is set out below.
The teams’ cryptoasset regulatory remit includes the compliance of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017[1] (the ‘MLRs’), including the travel rule from 1 September 2023.
In accordance with the MLRs the FCA is responsible for registering firms that can demonstrate they meet the standards required. We supervise 44 registered cryptoasset firms[2] as at 4 June 2024, but we have a much wider remit that involves unregistered firms, criminality, global players, and payments services firms with a cryptoasset element to their business model.
In addition to the MLRs, our current cryptoasset regulatory remit also includes cryptoasset financial promotions under section 21 of the Financial Services and Markets Act[3] (‘FSMA’), which came into force on 8 October 2023. Our teams’ workstreams also involve preparation for future regulatory remits such as Stablecoins and the wider crypto regime.
More information relating to our work on cryptoassets can be found on the following webpage: ‘Cryptoassets: AML / CTF regime[4]’.
We can confirm that there are six teams dedicated to cryptoassets. The table below sets out for these teams, the headcount in full time equivalent (FTE) in calendar years for the period covering 2019 to present. Please note that there was no crypto headcount in place in 2018, as the rules did not come into force until 10 January 2020.
| Business Area | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 – present |
|---|---|---|---|---|---|---|
| Cryptoasset Authorisations | 5 | 14.4 | 22.3 | 28.4 | 32.7 | 30.7 |
| Cryptoasset Supervision | 4 | 9 | 11 | 17 | 29 | 31 |
| Cryptoasset Policy | N/A | N/A | N/A | 7 | 11 | 18 |
| Cryptoasset Sector | N/A | N/A | N/A | N/A | 9 | 9 |
| Cryptoasset Financial Promotions & Unauthorised Business | N/A | N/A | N/A | N/A | 10.8 | 10.8 |
Cryptoasset Wholesale Policy | N/A | N/A | N/A | 2 | 9 | 9 |
Please note that the headcount may fluctuate in those business areas through the years due to structure changes.
We would also like to explain that in addition to these dedicated cryptoasset teams, we have a number of specialist colleagues employed across the FCA who also work on cryptoassets in addition to working in other sectors, and who sit within teams with wider remits.