The European Banking Authority (EBA) Chair José Manuel Campa says hiring qualified crypto regulation staff is a major challenge, per reports. The EBA Chair is also concerned about talent retention in the crypto and technology sectors.
The EU’s digital currency regulation’s enactment potentially takes place in 2025. But the EBA Chair flags the agency’s inability of identifying the cryptocurrencies to regulate until 2025.
Citing the dynamism of the crypto-sphere, the EBA Chair expresses crypto regulation concerns saying, “So I don’t know exactly what I’m going to face in two years’ time <…> Crypto may have moved and transformed into other uses that I cannot anticipate,” he said.
José Manuel Campa expresses his worry over the issues the agency is encountering in meeting its logistical planning responsibilities. The EBA is also finding it cumbersome to manage acting upon their new mandating responsibilities of regulating cryptocurrencies in Europe.
His emphasis is more upon crypto sector risk alleviation. “My concern is more about making sure the risk we have identified … is properly managed. If we don’t do as well as we should have, we’ll have to live with the consequences,” says Campa.
Also Read: Crypto Friendly Singapore to Impose Regulations on Crypto Platforms
On the front of cryptocurrency regulation, the EBA focuses on developments in the crypto-assets. It also works upon enhancing knowledge-sharing across authorities to maintain regulatory consistency.
The Crypto Times earlier reported the Financial Stability Board (FSB) is set to propose “robust” global crypto regulations to the G-20 nations by October. European Commission’s Markets in Crypto Assets (MiCA) regulations are also approved by the European Parliament.
