Lack of crypto experts worries the EU
EU Issues: The European Union has a shortage of crypto experts available to help regulate the crypto asset market.
The European Banking Authority (EBA) is having trouble hiring experts to determine what rules the cryptocurrency industry must follow in the EU.
In an interview with Financial TimesJosé Manuel Campa said that the lack of experts in the cryptosphere in the EU has created a “big concern” in the body responsible for supervising the banking sector in the EU.
The president of the EBA commented that the lack of experts has hindered the development of the guidelines that must be implemented by 2025.
The European Union – regulates the crypto market
Regulation of the cryptocurrency market has been among the EU’s priorities. The political-economic union represents 27 countries in the region. It recently finalized the Markets in Crypto Assets (MiCA) legislative package, which aims to introduce a number of new standards, particularly for the use of stablecoins.
In addition, the parliament voted on a proposal to ban the use of crypto-assets that use the PoW consensus method. It was later rejected, to the delight of asset enthusiasts.
In this sense, Campa comments that the “very dynamic” nature of cryptocurrencies has made it difficult for the bloc to reach a consensus, despite progress in recent weeks.
According to the president of the EBA, regardless of the regulatory structure that has been developed and approved, it will already lag behind the market. He adds that when the established guidelines come into force three years from now, there is a high chance that crypto assets will have “other uses that we cannot predict”.
EU problems: Lack of professionals?
Campa commented on the difficulties that the EU has in hiring people specialized in the crypto market. This makes it difficult to supervise the industry. The problem in itself will not be the lack of skilled labor, but rather competing against high wages offered by private companies in the sector.
Investing heavily in hiring and offering higher wages “is not within the scope of possible discussions,” according to the head of the European Banking Authority. However, mass layoffs from major crypto companies in recent months may change this situation. Some of the dismissed professionals may seek to move to regulatory agencies.
In addition, many large companies and exchanges, such as Binance, seek to work with government agencies to establish guidelines that do not hinder the development of the crypto market.
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