Sequant hires regulatory framework writer as CCO

Sequant Capital, the FCA-regulated cryptocurrency broker, has hired Erik Wilgenhof Plante as its new chief compliance officer.

The hire is part of the company’s efforts to improve regulatory compliance in the cryptocurrency sector, with Plante bringing over 22 years’ experience in financial services, risk and compliance to the Sequant team.

Prior to Sequant, Plante was head of emerging technology & infrastructure at Abu Dhabi Global Market, where he helped startups create their own regulatory compliance frameworks. He was involved in the creation of RegLab, a sandbox specifically catering to the unique risks and requirements of FinTech companies.

Previously, Plante served as the chief compliance officer at Luno, itBit Pte. Ltd and Tramonex.  Between 2013 and 2014, Plante worked at PayPal as senior compliance manager where he oversaw regulatory and operational compliance for Southeast Asia. Before PayPal, he held senior roles in the banking sector at the likes of DZ Privatbank, Commerzbank and ABN AMRO.

Erik Wilgenhof Plante said: “Regulation will continue to play an integral part in the cryptocurrency sector. It’s important in mitigating the risks associated with investing in cryptocurrency and is also a major part in making it a legitimate asset class. A lot of the regulation is already out there, but it’s a matter of applying that regulation to the sector and ensuring firms know what, when and how to prepare. At Sequant Capital I’m planning to build upon the company’s drive for regulation across the sector to bring trust and security to the cryptocurrency world.”

Earlier this year, Sequant formed a strategic partnership with HitBTC to create a more secure and improved trading space for cryptocurrencies. The partnership with HitBTC, a cryptocurrency exchange, allows for improved accessibility to the crypto market, providing direct market access to crypto assets through an FCA regulated company in the UK.

As the cryptocurrency market continues to gain momentum in global markets, there have been questions over how they will be regulated to avoid substantial risks.

CryptoUK, the first self-regulatory trade association for the UK cryptocurrency industry, recently called for regulation in the industry. CryptoUK has set out new plans for HM Treasury to make cryptocurrency investment a regulated activity under the Financial Conduct Authority (FCA).

At the beginning of the year, The UK Treasury Committee launched an inquiry into unregulated digital currencies and distributed ledger technology. The committee is looking into the role of digital currencies in the UK, including the opportunities and risks that digital currencies may bring to consumers, businesses, and the government.