The president of the European Banking Authority, who will be responsible for regulating part of the cryptocurrency ecosystem, expresses his fears about the difficulty of attracting competent profiles. This could lead to delays in regulation, or difficulty in enforcing laws that will be put in place in the future.
EBA lacks talent to regulate cryptocurrencies
José Manuel Campa, chairman of the European Banking Authority (EBA), or European Banking Authority, confided his doubts about a talent shortage to regulate cryptocurrencies. As the MiCA regulation progresses, the EBA will have its role to play in supervising our ecosystem by recovering certain areas of expertise.
This institution was created in the early 2010s following the subprime crisis of 2008. Its role is due in particular to the creation of standards to regulate the financial system.
However, its president notes the rapid evolution of blockchain technologies as well as the current vagueness vis-à-vis the missions which will be entrusted to him. José Manuel Campa indeed points to the unknown that still resides in cryptocurrencies and other digital assets that his organization will have to regulate.
Moreover, he wonders about the ability of the EBA to attract the necessary personnel for carrying out these operations.
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The need to attract and retain qualified personnel
In order for the EBA to be as relevant as possible in the role assigned to it, its president highlights the need for qualified people. The challenge is therefore to attract these people, who will be called upon to oversee our ecosystem.
José Manuel Campa thus expresses this difficulty, by a certain competition with other players. Indeed, banks, consulting firms and fintechs frequently offer substantial benefits to the profiles sought, in order to attract them to their fold. Very often, the budgets of the European institutions then do not allow to align on this point.
All this multitude of elements can thus cause the regulation to fall behind the ecosystem, or not be adapted to the latter. The president of the EBA therefore insists on the risk of poor regulation :
“My concern is more to ensure that the risk that we have identified […] is properly managed. If we don’t do as well as we should, we will have to live with the consequences. »
This observation shows a gap that could arise between the rules put in place, or which will be put in place, and the capacity of the authorities to enforce them. This difficulty of application is also a problem that had been highlighted by blockchain professionals, concerning for example the systematic monitoring of crypto transactions.
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Source: Financial Times
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