Europe’s banking regulator worried about lack of experts needed to oversee crypto sector.
). But the authority won’t know which digital coins, cryptocurrencies used for payments, and stablecoins it has the authority to supervise until close to 2025, when the legislation is expected to come into force, its head indicated.
José Manuel Campa’s comments underscore the difficulties faced by many other organizations trying to catch up with the fast-moving crypto sector. Banking institutions, fintech firms and consultancies have been offering extensive packages to attract those professionals whose skills are in high demand. Record inflation across the eurozone has also driven wage demands up, the report notes.
Salaries at the authority are aligned with those at the European Commission and EBA will not have the freedom to adjust them, Campa admitted. He is also worried that due to the dynamic nature of the crypto sector, regulation may lag behind so he doesn’t know what exactly his agency will be confronted with in two years’ time.
The top EBA official remarked he was not concerned about the reputational risk should the authority make mistakes in overseeing the industry. “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,” he elaborated.
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