Crypto

Europe – Lack of Experts to Regulate Cryptocurrencies – CryptoActu

The perch is so big that it is impossible not to grab it. And this news is so ironic and funny that it had to be made into an article. Indeed, it seems that there is a lack of experts in regulation in the field of cryptocurrencies in the European territory. And any informed investor about these (non-)digital currencies will not be able to say the opposite, given the official approach applied to them. The real question is to what extent the actors actually think they have the same skills today. In any case, the European Banking Authority (EBA) seems to be concerned…

This news could almost pass for good news. Because, ultimately, it would be nice to find experienced professionals who will take care of the cryptocurrency regulation file. A compilation that could help avoid unlikely MiCA-related amendments, such as a ban on Bitcoin Proof of Work (PoW) in Europe. An unsuccessful joke is immediately abandoned, because in the end, ridicule can safely nip an unfair offer in the bud.

Because while Christine Lagarde is yelling for even more firmness on the crypto sector, European Banking Authority President José Manuel Campa is worried about the lack of people who can handle it. “Big problem” and legal for those who want to do their job well. And this is without haste or current approximations caused by absolute ignorance in the matter at hand. Because it is not enough to hire an army of bureaucratic vigilantes to use blind repression by force…

EBA – lack of crypto specialists in Europe

Thus, this information comes from the current president of the European Banking Authority (EBA), José Manuel Campa. All this during a recent interview given by the Financial Times about his struggles with “finding staff to oversee cryptocurrencies.” The “primary challenge” is to apply efficient and timely monitoring of this digital marketplace. In particular, in the context of the implementation of the MiCA bill, which should lay the foundation for a more coherent repressive vision at the European level. Even if it is rejected by countries such as Germany, regarding provisions that are considered offensive in terms of the control of cryptographic transfers.

“I’m more concerned about making sure that the risk we’ve identified […] properly managed. If we don’t do the right thing, we’ll have to live with the consequences. ”

Jose Manuel Campa

Because José Manuel Campa seems determined not to rush things, which often comes down to nothing. This takes into account this rule, which means that any regulatory framework “naturally tends to lag behind” the market it wants to control. Especially given the “very dynamic” nature of the cryptocurrency industry. And there is a high likelihood of “other use cases,” which José Manuel Campa explains as impossible to predict. This is before the actual implementation of the rules currently in place.

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The vision is certainly focused on the effective control of the cryptocurrency market, but with a clarity that is sorely lacking for most of its players. Because this new digital economy in full construction does not need regulation, but rather clarification from the supervisory authorities. A reality already expressed last year and, unfortunately, still stands. And a report written by José Manuel Campa that faces oppressive ambitions much less focused on reflection or analysis. Because the goal is to prevent, not support or adapt…

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