European Banking Authority Hiring Cryptocurrency Experts, Why?

Paigambar Mohan Raj
Source: Forbes

According to a vacancy notice by the European Banking Authority (EBA), the Paris-based agency is hiring cryptocurrency experts. The move is an attempt to prepare for the upcoming Markets in Crypto Assets regulation (MiCA) law. As per the regulations, large stablecoins will be under the EBA’s supervision. Also, the agency will create rules to fill up the gaps in the MiCA landscape that legislators left behind.

The EBA stated in the notice that it was seeking a candidate with an in-depth understanding of cryptocurrency products and services. The organization also wants candidates for the position to have a significant amount of expertise in supervising financial firms.

José Manuel Campa, the chair of the EBA, previously told the Financial Times that the EBA was concerned that, if it can’t identify the necessary skilled people, it won’t be able to enforce the MiCA laws.

When will Europe’s new cryptocurrency laws be enforced?

The MiCA Act was approved in October by the Economic and Monetary Affairs Committee of the Parliament by a vote of 28 to 1. Additionally, national diplomats have also accepted the proposal.

According to the result, the final vote on Europe’s much-awaited MiCA regulations is set to take place on April 19th. The political framework of the bill was pronounced final in June of last year. However, there have been numerous hiccups in coming to an agreement on the legal wording. The delay is enhanced by the need to translate the text into each of the 24 official languages of the EU.

Furthermore, the discussion of the transfer-of-funds regulation will take place after the MiCA debate. The regulation, which was also conditionally approved back in June, will oblige crypto providers to confirm client identities.

The legislation grants licenses to cryptocurrency businesses like wallets and exchanges so they can run across the EU. The rule also adds stablecoin reserves. If accepted, it would be implemented in one to three years after it was published in the official journal of the EU.