According to the president of the European Banking Authority In addition, preparing to take on the new regulatory guidelines means hiring trained personnel to oversee the crypto market. Unfortunately, there is no operational capacity to bring in the necessary team.
- EBA requires more staff to oversee the crypto market.
- The crypto market an area or arena, online or offline, in which commercial dealings are conducted. currently reaches a capitalization of over USD $1 trillion.
- Law MiCA will enter into force in 2024.
La European Banking Authority a (EBA), the entity responsible for monitoring financial institutions on the continent, expressed concerns about the ability of the body to adapt to new regulations, especially those associated with cryptocurrencies that will come into force from next year 2024.
EBA anticipates lack of trained personnel and logistical inconveniences
According to the president of the EBA, José Manuel Campa, one of the aspects that most concerns them is the lack of talent with expertise in the area of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies, which also joins a number of logistical problems that these changes would entail.
As for concerns about skilled personnel, Campa points out that a large number of skilled people will be needed, especially given that the digital currency currency is a medium of exchange that defines value. market has a global market capitalization in excess of USD $1 trillion, reflecting a high demand from society.
According to the president of the entity, more experts with good skills could be incorporated by offering competitive salaries, but unfortunately that is not within the range of current possibilities.
Law MiCA on the way
The concerns of the president of the EBA come on the heels of the introduction of the bill known as the MiCA, which was presented in March of this year and proposes a strong emphasis and surveillance on operations with digital currencies. The idea behind this initiative is to establish rules that provide legal certainty to the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. industry, while seeking to ensure the financial stability of the 27 member countries.
At the end of June last year, the president of theBanco Central Europeo, Christine Lagarde, assured that the law MiCA falls short a trading technique in which a trader borrows an asset in order to sell it, with the expectation that the price will continue to decline. In the event that the price does decline, the short seller will then buy the asset at this lower price in order to return it to the lender of the asset, making the difference in profit. of addressing certain important aspects, so he called for work on a second regulatory framework that would emphasize operations within the crypto market, pointing directly to the ecosystem DeFi.
Regarding MiCA, After its approval, it is expected to formally enter into force sometime in 2024, and this implies that the regulatory entities must comply with the rulings established therein. For the president of the EBA The emphasis is on addressing the risks that the agency has identified, he said:
“My concern is more about making sure that the risk we’ve identified . . is managed properly. If we don’t do it as well as we should, we’ll have to live with the consequences.”
- Christine Lagarde, jefa del Banco Central Europeo, pide “MiCA 2” que regule Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. y DeFi a movement encouraging alternatives to traditional, centralized forms of financial services.
- Moneyval, Council of Europe committee, calls for stronger measures against cryptocurrency laundering
- European Central Bank raises interest rate for first time in 11 years, Bitcoin in slight decline
Version by Angel Di Matteo / DiarioBitcoin
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