The European Banking Authority Expresses Concern Over Lack of Trained Staff
- The European Banking Authority has grown concerned about the rising demand for skilled employees in cryptocurrency and artificial intelligence.
- The high rate of inflation across Europe has led to a greater demand for high-paying jobs to cater to the increased cost of living.‘
The European continent is heavily focused on regulating the crypto space. However, key agencies are said to be concerned about the lack of trained personnel. The European Banking Authority‘s chair, José Manuel Campa, confirmed that the commission was growing concerned about its staff quality as steps towards crypto regulation are expected to be intensified in the coming months.
The EBA chair stated that recruiting and sustaining employees versed in cryptocurrencies was a big challenge given the rising demand for specialists in the public and private sectors. According to Campa, many industry professionals would be more attracted to employment offering better salaries than those at the EBA, which were equivalent to public offices at the European Commission.
Many organizations are steadily recruiting people with knowledge of technology, artificial intelligence, and cryptocurrency. And according to Campa, the competitive nature of the industry poses a potential risk to its staff strength.
The France-based European Banking Authority is tasked with overseeing significant tokens that are popularly used as a form of payment and well-known tokens linked to traditional assets under Europe’s planned Markets in Cryptoassets Regulation. The EBA was established in the wake of the global financial crisis to guarantee that Europe’s banks had sufficient capital to survive a future crisis.
The committee chair also noted that the dynamic nature of the crypto space might make it difficult for the EBA to know its exact jurisdiction. Campa claims that the EBA will only know which digital coins it is to supervise towards 2025.
According to Campa, the EBA was also concerned the aspect of the market it is to oversee is undefined and subject to last-minute modifications. The EBA chair said he had little clue what the crypto market would look like in two years.
Voicing his concerns, Campa said,
My concern is more about making sure the risk we have identified . . . [in the crypto market] is properly managed. If we don’t do as well as we should have, we’ll have to live with the consequences.
The regulator’s remarks highlight the challenges other authorities face in trying to understand the rapidly evolving digital asset market. Financial institutions, tech firms, and consulting firms have been enticing specialists with generous compensation for their highly sought expertise. Employees are looking for incentives to cover the increased cost of living, which has pushed salary demands higher than ever before.
Due to the bear market, some private sector companies cut down their staff levels to reduce their expenses. Many international regulators took the chance to increase their numbers and welcome more qualified hands. Some agencies announced the employment of professionals with experience in the cryptocurrency field. The United States Financial Industry Regulatory Authority, or FINRA, recently confirmed plans to hire people fired from crypto exchanges in recent weeks.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
