1. The European Banking Authority (EBA) is worried it wont manage to find the specialized personnel needed for the oversight of the EUs attempt to regulate the crypto market.
2. The authority is also concerned over the lack of clarity regarding which digital assets its supposed to supervise.
3. Retention of talent for anything crypto-related is a major concern, the man who chairs the European Banking Authority (EBA), revealed in an interview.
4. The deficit applies to other areas as well, including technology and digitization, with high demand for specialists across society, the executive added, quoted by the Financial Times.
5. The Paris-based EBA was established in 2011, after the last financial crisis, to ensure that European banks had enough capital to overcome similar challenges in the future.
6. It now says its also worried about planning for its new powers.
7. European institutions recently agreed on a draft regulatory framework called Markets in Crypto Assets (MiCA).
8. But the authority wont 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.
9. Salaries at the authority are aligned with those at the European Commission and EBA will not have the freedom to adjust them, Campa admitted.
10. He is also worried that due to the dynamic nature of the crypto sector, regulation may lag behind so he doesnt know what exactly his agency will be confronted with in two years time.