By George Ward
The UK’s largest bank, HSBC, recently announced its plans to offer crypto services by opening new positions to reflect its move. HSBC is set to join a growing list of traditional banks that have carved a niche in the crypto space.
Starting With Tokenization
Consequently, HSBC has announced several job openings with a product director for tokenization as the top of the bank’s priority hire. The bank posted the job adverts on January 30 to announce its foray into the crypto industry.
Furthermore, the bank stated that the new roles result from the evolution of the crypto space and the growing risk appetite among investors. The UK’s leading bank stated that the popularity of digital assets and the growing risk appetite of investors has made it necessary for the bank to hire a head of tokenization to handle complex business and project moves.
According to the bank, the ideal candidate for the head of tokenization would play a critical role in the firm’s future product (GPB&W Digital Assets).
As part of the job description, the ideal candidate would also be required to handle external roles. For instance, they would represent the bank in interacting with clients, regulators, and the digital assets environment to position HSBC as an innovator in digital assets strategy.
Moreover, successful applicants for the role of product manager for digital assets will take the responsibility of driving the bank’s crypto agenda. HSBC intends to develop strategic frameworks and policies to help push complex business and project decisions.
Thus, the strategy includes the creation of the daily management routine of the bank’s governance committees to drive transparency in the digital asset initiative.
Navigating UK’s Regulatory Landscape
For the advertised roles, the bank is looking to hire capable individuals with the knowledge and capacity to handle the changing regulatory environment in the United Kingdom. The UK is one of the global leaders pushing toward adopting comprehensive crypto regulations.
Therefore, HSBC wants individuals with the right attitude to navigate the country’s consumer-centric approach to enforcing rules. The country’s Financial Conduct Authority (FCA) is taking a harsh stance over its oversight of the digital asset industry by implementing changes to several aspects of the crypto market.
Considering that HSBC is familiar with the country’s banking laws and regulations, it might be challenging for the bank to navigate the crypto regulatory hurdles in the United Kingdom. Cryptocurrency is a high-risk investment product, and as a result, the (FCA) has taken a consumer-centric approach in its oversight of the industry.
Meanwhile, the move means HSBC joins many other established banks like JPMorgan to offer crypto-related products and services. However, it is worth noting that other banks offering crypto services provide a specific product to limited clients, mainly affluent account holders seeking crypto exposure.
However, HSBC’s tokenization move makes it possible for the bank to offer customers multiple crypto services.