The European Banking Authority (EBA) is worried about its ability to accommodate new crypto regulations due to come into force in 2025, with the lack of talent and logistic issues among the key problems it faces.
One of the challenges, EBA chair José Manuel Campa said in an interview with the Financial Times, is that it’ll be only until roughly 2025 when the agency will know exactly which cryptocurrencies it will be charged with supervising.
Based in Paris and founded in 2011, the EBA is responsible for overseeing banking regulations across the European Union. It sets the standard for rules across the banking sector in all member sets.
The EU finalized its Markets in Crypto Assets (MiCA) legislative package in March this year. The new legislation, which puts a strong focus on stablecoins, seeks to achieve legal certainty for the crypto industry while ensuring financial stability across all 27 member nations.
Campa, however, acknowledged that the “very dynamic” nature of the crypto...
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