The cryptocurrency sector has proven to be very volatile over the past few months, and regulators are now turning their attention to the sector. However, regulating the crypto space has not been very easy, and the chairman of the European Banking Authority has said that the lack of experts within the institution is causing it to fall behind.
European Banking Authority concerned about lack of crypto experts
On Wednesday, the president of the European Banking Authority, Jose Manuel Campa, Express its concerns about the institution’s lack of ability to ensure compliance with MiCA regulations due to the lack of cryptocurrency experts.
Campa said the demand for people specializing in crypto technology across Europe has increased dramatically, making it almost impossible for the EBA to employ specialist staff to meet the demands of new crypto job vacancies offered by the EBA. EBA.
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The EBA is an organization created during the financial crisis, ensuring that European banks have the capital they need to solve economic challenges. The growth of the cryptocurrency industry has defined the roles of the ECB as regulating stablecoins and cryptocurrencies used in Europe as a means of payment.
Campa said the agency was concerned about the logistics of exercising its newly gained regulatory authority due to the massive size of the crypto sector and the levels of growth it would reach in the future, given of its dynamic nature. He added that his concern was to ensure that risks were identified and managed.
The EBA official further expressed his optimism about the global macro sector, saying a financial crisis in Europe was not likely to occur in the short term. He also said that rising inflation levels and economic recession seen in the region would not trigger a financial crisis.
Europe to implement MiCA regulations in 2023
MiCA Regulation offers several measures to support global regulation in the European crypto sector. MiCA regulations affect cryptocurrency issuers, exchanges, and crypto wallets. The regulations target stablecoins and measures that will promote the security and stability of the crypto industry.
French Economy Minister Bruno Le Maire said MiCA regulation would end the unregulated nature of the cryptocurrency industry. However, the EBA now notes that implementing these regulations requires a team of cryptography experts to ensure there are no loopholes that can be exploited.
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