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Europe’s banking sector regulator is concerned that it will not be able to find the specialized personnel needed to oversee the EU’s attempt to regulate the crypto market. The authority is also concerned about the lack of clarity about which digital assets it will oversee.
Talent retention for all things crypto is a “big concern,” the man who heads the European Banking Authority (EBA) revealed in an interview. The deficit also applies to other areas, including technology and digitalisation, with high demand for specialists across society, the manager added, quoted by the Financial Times.
The Paris-based EBA was established in 2011, after the last financial crisis, to ensure that European banks had enough capital to overcome similar challenges in the future. Recently, it was also tasked with overseeing Europe’s attempts to regulate cryptocurrencies. It now says it is also concerned about planning for its new powers.
European institutions recently agreed on a draft regulation called Markets in Crypto Assets (MiCA). But the authority won’t know which digital coins, cryptocurrencies used for payments and stablecoins it has the authority to oversee until closer to 2025, when the legislation is expected to come into effect, the executive said.
José Manuel Campa’s comments underscore the difficulties faced by many other organizations trying to catch up with the fast-moving crypto sector. Banking institutions, fintech firms and consultancies have offered comprehensive packages to attract the professionals whose skills are in high demand. Record inflation across the eurozone has also driven up wage demands, the report notes.
Salaries at the authority are in line with the European Commission, and the EBA will not have the freedom to adjust them, Campa admitted. He’s also concerned that due to the dynamic nature of the crypto sector, regulation may lag behind, so he doesn’t know exactly what his agency will be confronted with in two years.
The top EBA official noted that he was not concerned about the reputational risk if the authority made mistakes in overseeing the industry. “My concern is more about making sure the risks we’ve identified are properly managed. If we don’t do as well as we should, we have to live with the consequences,” he elaborates.
Do you expect the EU authorities to raise the remuneration of crypto experts working at regulatory bodies tasked with overseeing the crypto space? Tell us in the comments section below.
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