On July 27, José Manuel Campa, president of the European Banking Authority (EBA), said he was [concerned" that the EBA would not be able to comply with MiCA due to a lack of qualified personnel primarily working on digital currencies.
Campa Europe's demand for professionals in the technology and digital currency industries says "there is a high demand across society", making it almost impossible for the EBA to hire enough specialist staff to meet the demands of new job opportunities.
EBA in order to ensure that European banks have enough funds to deal with any financial difficulties after the financial crisis. As the crypto ecosystem grows, some of its features represent payment methods that control some stable currencies and cryptocurrencies in Europe.
EBA concerned about dynamic nature of crypto industry
Campa pointed out that the agency is concerned about how to properly exercise the logistics management of its new powers. Although the precise interval EBA will regulate digital currencies for nearly three years due to its dynamic and creative characteristics, during this period, many changes may occur in the crypto ecosystem.
[I am more concerned with ensuring that the risks we have identified . . . are properly managed [in the crypto market]. If we do not do as well as we should, we will have to suffer the consequences,"
EBA officials, on the other hand, were upbeat about the global macro situation, noting that a financial crisis in Europe was unlikely at least "in the short term", despite high inflation and a contraction in the region's economy as a whole.
"We're not in a macro environment pointing to recession, we're in a macro environment pointing to slowing growth . . . I'm not worried about banks reducing credit,"
MiCA laws and regulations will come into force in 2023
The controversial MiCA sets out several norms for international control of the European digital currency ecosystem. It affects digital currency issuers, trading platforms, and currency folders. It mainly focuses on stable currencies and how the crypto industry can be safer and more stable.
French Economy Minister Bruno Le Maire said the regulation would end the "digital wild west" in a region where there is a lack of control over theft and fraud by those who exploit legal loopholes to commit crimes.
Therefore, the EBA does not have time to create a special digital currency team to enforce MiCA, especially since the independent agency does not have the same budget as other agencies and crypto companies around the world.
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