The Crypto market is dynamic, versatile, and fast-paced. It is also a developing financial concept that most investors are learning about as they transact. Furthermore, the blockchain technology that powers Web3 and its features such as Decentralized Finance and Digital Assets transactions are new, and it is not yet an established science.
Due to these factors, there is a shortage of Crypto Experts. The European Banking Authority (EBA) is sounding the alarm that it cannot find qualified personnel to fill positions for Crypto regulation.
In an interview with the Financial Times, José Manuel Campa- a chairperson at the EBA, said that the challenge is a cause for worry. The lack of human resources is hindering the EBA from its efforts in supervising the EU banking industry as they adopt digital assets in its product line.
The EBA Intends to Streamline Crypto Regulation
The Former Secretary of State for the Economy of Spain also revealed that the EBA is on course to enacting and implementing a Crypto standard by 2025. This is part of an initiative by the European Union to streamline the use of digital assets in the region.
Campa adds that it has also been daunting to develop a Crypto policy in the region as the member states have been unable to reach a consensus. However, the EU Parliament has rolled out the MiCA- Markets in Crypto Assets parliamentary deal. It’s a sequence of regulations that govern the use of Stablecoins and other digital assets.
It’s a Boon for Crypto Professionals
Although the Crypto winter triggered massive layoffs by Crypto Assets Services Providers (CASPs) such as Coinbase. The increased opening by Regulators is absorbing the personnel and ensuring that experts are redeployed. However, the Campa decries that the high salaries and wages the private sector has been offering their employees are too high for the public-funded institutions to match.
In the meantime, the Crypto space is dominated by a few sensational experts renowned for analyzing market trends. Ben Armstrong’ Bitboy’ is an emerging Crypto analyst believed to be living life in the fast lane.
The EBA Has a Plan B
Although the EBA has the challenge of recruiting qualified personnel, some market analysts believe they have a second option. This entails liaising with the private sector to enact policies. The key benefit of this option is that it will promote the Crypto industry’s growth.
There is also a second option of allowing players in the market to be self-supervising. In this arrangement, regulators such as the EBA or the SEC can enforce the standards and sanction errant members.
The EBA revelation is a wake-up call to more people to train in Crypto and Blockchain technology as a path to a lucrative career.