EBA Chair: Staffing a Concern for Crypto Regs
There are reportedly “major concerns” among European regulatory officials about the possibility of hiring specialized staff to help regulate crypto.
Authorities worry about how they will be able to monitor markets for digital assets. José Manuel Campa, head of the European Banking Authority, said the organization was also concerned about planning new powers, as it will not know which coins it will oversee until closer to 2025 when the new crypto regulations in Europe will come into effect.
Campa has said there are already major problems retaining talent, particularly with technology, crypto and digitization issues, according to a Financial Times (FT) report.
The EBA, based in Paris, was created after the financial crisis to ensure that Europe’s banks had sufficient capital for future problems. It is tasked with monitoring “significant” tokens used as means of payment.
Authorities around the world have been challenged to create regulations and regulators that effectively and fairly monitor these new digital coins. Banks, FinTechs and consultancies have tried to position themselves well by hiring cryptocurrency experts to come and work for them and monitor their regulatory compliance. This is complicated by the issue of inflation, which has added more wage demands and sent employees scrambling for ways to compensate for increased living costs.
As crypto regulation has become more of an issue across various sectors, PYMNTS recently wrote that the SEC has dialed back its efforts against Coinbase. This has brought charges of insider trading against a former manager and two employees in the company.
Read more: SEC turns up the heat on Coinbase
The allegations are that the platform allowed US investors to trade digital assets that were actually securities, so they should have been registered that way.
The case is against ex-product manager Ishan Wahi, his brother Nikhil Wahi and his colleague Sameer Ramani. It is the first crypto insider trading case.
According to the charges, it was a scheme that used confidential Coinbase information about the next cryptoassets to be listed on the exchange.
For all PYMNTS crypto coverage, subscribe to the daily Crypto newsletter.
——————————
NEW PYMNTS SURVEY FINDS 3 IN 4 CONSUMERS WITH STRONG DEMAND FOR SUPER APPS
About: The findings of PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy”, a collaboration with PayPal, analyzed the responses of 9,904 consumers in Australia, Germany, the UK and the US and showed strong demand for a single multi-functional super app instead of using dozens of individuals.
