The president of the European Banking Authority, or EBA, an agency of the European Union that regulates banking activities, has reportedly raised concerns about a shortage of talent with experience in the cryptocurrency space that could hurt its ability to oversee the market.
According to a Wednesday report from the Financial Times, the president of the EBA, José Manuel Campa, said that recruiting and retaining crypto-savvy staff was a “significant concern,” given the growing demand for experts in the public and private sectors. Campa suggested that many industry insiders might be more attracted to higher-paying jobs than those at the EBA, comparable to government jobs at the European Commission.
Additionally, the chairman has reportedly hinted that the EBA may not be ready to exercise its authority over token offerings and other digital asset products, as many regulators are often unable to keep up with a “very dynamic” crypto space.
“I don’t know exactly what I would be facing two years from now,” Campa was quoted as saying in the report. By 2025, she added, “[las criptomonedas pueden haberse] moved and transformed to other uses that I cannot anticipate.”
“My concern is rather to make sure that the risk that we have identified […] is managed properly. If we don’t do as well as we should, we’ll have to live with the consequences.”
European banking regulator ‘concerned’ about finding staff to oversee crypto https://t.co/VtdQCtkR3J
— Laura Noonan (@LauraNoonanFT) July 27, 2022
European Banking Regulator Is “Worried” About Finding Staff To Oversee Cryptocurrencies
Under the EU’s proposed law on markets in crypto assets, or MiCA, the EBA would oversee “significant” tokens used as a means of payment and popular tokens linked to traditional assets. The legislation seeks to harmonize cryptocurrency regulations among the 27 EU member countries, including giving the EBA and the European Securities and Markets Authority authority to prohibit or restrict the provision of virtual asset services, as well as over the trading , distribution or sale of tokens in certain cases.
Many global regulators announced the hiring or appointment of staff with experience in the cryptocurrency space, after some private sector companies reduced their number of employees amid a bear market.. In June, Cointelegraph reported that the United States Financial Industry Regulatory Authority, or FINRA, planned to “increase” its ability to oversee cryptocurrencies by offering to hire laid-off exchange employees.
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