EBA warns drain of talent will impact regulation of crypto

A chair of the European Banking Authority (EBA) has said European regulators are facing challenges in finding talent to help regulate the cryptocurrency industry.

According to Finextra, the announcement underscores concerns around the capacity of authorities to supervise the industry.

As crypto continues to see a huge uptake in use and investment, many regulators are now considering how best roll out thorough and in-depth guidelines to monitor digital asset markets and protect consumers. However, many European regulators are encountering problems in filling positions to enforce crypto legislation.

Jose Manuel Campa – chair of the EBA – said that retaining talent is a ‘major concern, particularly in the areas of technology, anything related to crypto and digitisation. This is in high demand across society’.

He also added that the ‘wild west’ nature of crypto markets makes the sector dynamic and hard to control.

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