The president of the European Banking Authority (EBA) is concerned that there are no crypto specialists in Europe.
José Manuel Campa, president of the European Banking Authority (EBA) has expressed his concern about the fact that his organisation sees compliance with the new MiCA regulatory framework as very complicated proposed by the European Union, due to a lack of qualified and specialized personnel in cryptocurrencies.
According to the EBA president, there is a huge demand for personnel specialised in the area of technology and cryptocurrencies in Europe. However, there are still not too many people with the training, experience and knowledge in this field, which is why the organisation is really finding it difficult. It is difficult to find sufficiently specialized personnel to meet the requirements of new job offers.
The EBA was created in the wake of the 2008 financial crisis as a way to ensure that European banks had enough capital to weather any economic problems or liquidity shortages. As the cryptocurrency ecosystem has grown, part of its functions involve the supervision of certain stablecoins and cryptocurrencies that can be legally used in Europe as a form of payment.
Crypto is a very volatile sector
Campa has also pointed out that the EBA is concerned about long-term planning, since, although there are still more than three years to go before knowing which cryptocurrencies the body will have to review, with the volatility of the sector and the dizzying changes that shake you, it can be very difficult to create a strategy.
“My concern is more about making sure that the risk we have identified in the cryptocurrency market is managed properly. If we don't do it as well as we should, we will have to live with the consequences", said José Manuel Campa.
On the other hand, in the face of the Fed interest rate hike and the threat of a recession, Campa is Optimistic about Europe's macroeconomic future and believes that another economic crisis is unlikely to occur in the “short term.”
How does MiCA affect European regulators?
MiCA establishes several regulations for the international regulation of cryptocurrencies throughout the territory of the European Union. This legislative framework will affect the cryptocurrency issuers, exchange platforms and also digital wallets. It focuses mainly in stablecoins and in improving the safety of the sector.
This is a very strict regulatory framework, which aims to put an end to scams by eliminating any “legal loopholes” that exist in the sector.
In this regard, EBA officials note that they will need more time to assemble a team of crypto specialists who are capable of Enforcing MiCA. Something especially difficult, since the agency does not have the same budget as other crypto companies and organizations.
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