EBA lacks crypto experts in its team, leading to the failure of MiCA execution

Following the financial crisis, the EBA was established to make sure that European banks had enough capital to deal with any economic issues.
Following the financial crisis, the EBA was established to make sure that European banks had enough capital to deal with any economic issues.

While the crypto industry is constantly witnessing new hirings, onboardings, and job openings, a regulatory body in Europe claims to be facing a lack of experts to carry on its operations. On Wednesday, José Manuel Campa, president of the European Banking Authority (EBA), expressed “concern” over the organization’s inability to follow the MiCA’s regulations because of a lack of trained people with experience in cryptocurrencies.

EBA fails to find experts

Following the financial crisis, the EBA was established to make sure that European banks had enough capital to deal with any economic issues. As the crypto industry expanded, one of its roles included overseeing various stablecoins and cryptocurrencies used as payment methods in Europe.

According to Campa, there is a “high demand across society” for specialists in the technology and cryptocurrency fields in Europe, making it nearly impossible for the EBA to find employees with the necessary skills to fill the openings.

Campa noted that although it will be almost three years before the clarification about which cryptocurrencies the EBA will regulate, the agency is worried about the logistics of planning how to properly exercise its new powers because a lot can change in the crypto ecosystem during that time due to its dynamic, creative nature. He stated:

“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.”

MiCA, a controversial law, establishes a set of rules for the regulation of the crypto ecosystem in Europe. It has an impact on wallets, exchange services, and cryptocurrency issuers. It mostly focuses on stablecoins and ways to make the cryptocurrency industry safer and more stable.

The rule would put an end to “the crypto Wild West,” where a lack of regulation has allowed for numerous thefts and scams by individuals who use legal loopholes to commit their crimes, said Bruno Le Maire, France’s Minister of Economy.

Since the autonomous agency does not have the same funding as other agencies and cryptocurrency businesses globally, the EBA is therefore running out of time to put together a specific crypto team to enforce MiCA.

Notably, a recent survey by BitMEX revealed that Europeans see crypto investments as a way to boost their family’s savings.