The European Union lacks crypto experts available to help regulate the crypto-assets market.

The European Banking Authority (EBA) faces some trouble recruiting specialists to help determine what policies the digital asset industry requires to follow in the European Union.

In an interview with the Financial Times, José Manuel Campa expressed that the lack of specialists in the crypto space in the EU has generated a problem in the entity responsible for overseeing the EU banking sector.

The President of the EBA highlighted that the lack of specialists obstructed the development of the guidelines by 2025.

European Union – regulating the crypto market

Regulating the digital asset market has been among the European Union’s most important goals. The political-economic union represents 27 strong countries in the region. It recently finalized the Markets in Crypto Assets (MiCA) legislative package, which intends to consolidate a group of new standards, especially for stablecoins.

In addition, the parliament voted in favor of a proposal to prohibit the digital currencies that use the PoW consensus procedure. This proposal got later rejected, to the happiness of asset enthusiasts.

In this sense, Campa highlighted that this volatile and dynamic nature of digital assets has made it difficult for the bloc to approach an agreement, despite advances in recent weeks.

According to the President of the EBA, the proposal counts on a solid regulatory archetype, but it would still need improvements regarding the market. He also expressed that once the established guidelines get enacted in about three years, there is a high chance that digital currencies will have other uses that specialists can’t predict.

Lack of professionals?

Campa also spoke about the struggles of the European Union regarding labor recruitment in the crypto market. This situation makes it hard to have the industry under the radar. The problem itself would not be the lack of skilled workers but rather the competition against high salaries offered by private entities in the sector.

According to the head of the European Banking Authority, investing heavily in hiring and offering higher salaries to experts is not within the scope of possible discussions. However, mass layoffs by large crypto entities in recent months may bring a new change to this situation. Some dismissed professionals may intend to find a spot in regulatory entities.

Crypto winter, or the multitrillion-dollar slump in digital assets prices, comes after the industry hit record highs in late 2021. The global cryptocurrency market reached a peak registered at $3 trillion in November, making it more valuable than either Microsoft or Apple at the time.

But now, fears of a recession and soaring inflation warned investors about staying away from digital assets.

One prominent crypto entity stands apart from its competitors. Leaders at Binance said that the entity could still afford to recruit more than 2,000 roles this year. Many large companies and exchanges, such as Binance, intend to collaborate with government agencies to consolidate guidelines that do not obstruct the crypto market evolution.

By: Jenson Nuñez


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