EU Problems: There is a lack of crypto experts available to help regulate the crypto-asset market in the EU.
The European Banking Authority (EBA) faces difficulty in hiring experts to help determine what regulations the cryptocurrency industry in the European Union needs to comply with.
in an interview with financial TimesJose Manuel Campa said that the lack of experts in the crypto sector in the EU has generated a “major concern” in the body responsible for overseeing the EU banking sector.
The President of the EBA remarked that a lack of experts has hindered the development of guidelines that need to be implemented by 2025.
EU – Regulating the crypto market
Regulating the cryptocurrency market has been one of the priorities of the European Union. The politico-economic union represents 27 countries in the region. It recently finalized the Markets in Crypto Assets (MiCA) legislative package, which aims to establish a series of new standards, specifically for the use of stablecoins.
In addition, Parliament voted on a proposal to ban the use of crypto assets that use the PoW consensus method. It was later rejected much to the delight of property enthusiasts.
In this sense, Campa remarked that the “very dynamic” nature of cryptocurrencies makes it difficult for blocks to reach consensus, despite progress in recent weeks.
According to the President of the EBA, regardless of the developed and accepted regulatory structure, it will already lag behind in relation to the market. He added that when the established guidelines go into effect three years from now, it is highly likely that crypto assets will have “other uses that we cannot predict.”
EU problems: a shortage of professionals?
Campa commented on the difficulty of the European Union in hiring individuals with expertise in the cryptocurrency market. This makes it difficult to monitor the industry. The problem will not be the lack of skilled labor itself, but competition against the high salaries offered by private companies in the sector.
According to the head of the European Banking Authority, huge investment in hiring and higher salary offers is “not within the scope of possible discussion”. However, the massive layoffs by large crypto companies in recent months may change this situation. Some of the dismissed professionals may wish to transfer to regulatory agencies.
In addition, many large companies and exchanges, such as Binance, seek to establish guidelines in collaboration with government agencies that do not hinder the growth of the crypto market.
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