The European Union’s banking regulator is concerned about finding specialised staff to oversee the EU’s proposed crypto regulations, the Financial Times reported.
The European Banking Authority expressed worries over talent retention in the crypto industry as it gears up to regulate the EU’s MiCa rules for crypto, most of which will come into force from mid-2024.
EBA chair José Manuel Campa told the FT in an interview that the regulator was also worried about planning for its new enforcement powers, since it does not know which digital assets it will be authorised to regulate until close to 2025.
Campa said that talent retention in technology or areas related to crypto was already a “major concern”.
He said the crypto sector’s “very dynamic” nature means regulation would “naturally tends to go behind the curve.”
EU lawmakers, member states, and the European Commission reached a historic deal on crypto rules last month that will apply to crypto-assets, crypto-assets issuers and crypto-asset service providers. The Markets in Crypto-Assets (MiCA) legislation is set to be the world’s first regulatory framework for crypto.
The EBA did not immediately respond to City A.M.’s request for comment.