The lack of experts in the crypto sphere in the European Union (EU) has generated a major concern in the European Banking Authority (EBA), says Jose Manuel Campa, the president of EBA. This has hampered the development of the guidelines that need to be implemented by 2025.
Campa noted that the demand for specialized people in the crypto sector across Europe has increased significantly. It has made it nearly impossible for the EBA to employ staff specialized to meet the requirements of new crypto job offers proposed by the European Banking Authority. Campa said the very dynamic nature of cryptocurrencies has made it difficult for the EU to reach a consensus, despite advances in recent weeks. The European Parliament had voted on a proposal to ban the use of crypto assets that uses the PoW consensus method.
Regardless of the regulatory structure that is developed and approved, Campa said it will already be behind in relation to the market. He outlined that when the established guidelines take effect three years from now, there are chances that crypto assets will have other uses that can’t be predicted. The executive said the lack of experts makes it difficult to supervise the industry. Campa said competing against high salaries offered by private companies in the sector is a problem. He added that investing heavily in hiring and offering higher salaries is not within the scope of possible discussions.
But mass layoffs by large crypto companies in recent months may change the situation. This may prompt some dismissed professionals to want to relocate to regulatory agencies. And it should also be noted that crypto exchanges like Binance are looking to collaborate with government agencies to establish guidelines that do not affect the development of the crypto market.