EU Problems: The European Union has a lack of crypto experts available to help regulate the crypto-assets market.
The European Banking Authority (EBA) faces difficulty in hiring experts to help determine what rules the cryptocurrency industry needs to follow in the European Union.
In an interview with the Financial Times, José Manuel Campa said the lack of experts in the crypto sphere in the EU has generated a “major concern” in the body responsible for overseeing the EU banking sector.
The President of the EBA commented that the lack of experts has hampered the development of the guidelines that need to be implemented by 2025.
European Union – regulating the crypto market
Regulating the cryptocurrency market has been among the European Union’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 institute a series of new standards, especially 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 happiness 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 advances in recent weeks.
According to the President of the EBA, regardless of the regulatory structure that is developed and approved, it will already be behind in relation to the market. He adds that when the established guidelines take effect three years from now, there is a high chance that crypto assets will have “other uses that we can’t predict.”
EU Problems: Lack of professionals?
Campa commented on the difficulty that the European Union has in hiring individuals specialized in the crypto market. This makes it difficult to supervise the industry. The problem itself would not be the lack of skilled labor, but rather competing against high salaries offered by private companies in the sector.
Investing heavily in hiring and offering higher salaries “is not within the scope of possible discussions,” according to the head of the European Banking Authority. However, mass layoffs by large crypto companies in recent months may change this situation. Some of the dismissed professionals may seek to relocate to regulatory agencies.
In addition, many large companies and exchanges, such as Binance, seek to collaborate with government agencies to establish guidelines that do not hinder the development of the crypto market.