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EBA warns talent shortage will hamstring crypto regulation

FCA crypto skills shortage
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European regulators are facing challenges in finding talent to help regulate crypto, a chair of the European Banking Authority has warned, underscoring concerns around the capacity of authorities to supervise the industry.

With the steady increase in crypto investment among the general population, regulators are rolling out thorough guidelines to monitor digital asset markets and protect consumers. However, major European regulators are encountering problems in filling positions to enforce crypto legislation.

Chair of the European Banking Authority (EBA), Jose Manuel Campa, expressed that retaining talent is a “major concern…particularly in the areas of technology, anything related to crypto, digitisation…This is in high demand across society.”

Campa mentioned that the ‘wild west’ nature of crypto makes the sector dynamic and hard to control. Rising inflation throughout Europe makes attracting possible hires even more difficult for regulators such as the EBA.

The need for digital assets to be monitored has increased in light of fraud and security concerns across the sector. Recently, the product managers of Coinbase were charged with being involved in an crypto insider scheme.

Earlier this year, the EU reached a landmark agreement in MiCA crypto regulation, requiring digital asset firms to be authorised in order to operate in the EU.

 

Source: Finextra

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