Lack of bitcoin experts a ‘big problem’ for EU banking regulator

Last Updated: 28 July 2022

The European Banking Authority (EBA) is struggling with the regulation of bitcoin (BTC) and ‘crypto.’ Chairman José Manuel Campa does not expect clear guidelines on the tokens he has to supervise until 2025.

The EBA is a European authority with the formal goal of achieving clear and consistent regulation and supervision in the European banking sector. A difficult task at a time when bitcoin is playing a role in the financial world.

According to Campa, another ‘big problem’ is finding experts: “There is a lot of demand for that at the moment,” he says in conversation with Financial Times.

The European Union as a whole seems to be less affected. They are now putting the finishing touches to the package called Markets in Crypto Assets (MiCA). The aim is to harmonise all regulations in the 27 Member States. In practice, it is likely to vary somewhat from country to country.

Bitcoin is and has been built primarily by volunteers. It attracts people to contribute for several reasons. To attract knowledgeable people to the European Banking Authority, in this case, you need good conditions. It also goes against the whole idea behind bitcoin.

According to Campa, it is very important that they find the right experts: “If we don’t do as well as we should, we will have to live with the consequences.”

Europe and rules

Campa calls this a very ‘dynamic market.’ Developments are happening much faster than the regulators can devise and introduce laws for. Technology and acceptance go a lot faster than the slow roads of Brussels. Campa: “Cryptocurrencies can be used in three years for other things I don’t know yet.”

The EBA is mainly concerned with rules and guidelines for the banking sector. But everywhere in Europe, regulators and enforcers have to get to work.

Author
  • Gabriele Spapperi

    Gabriele Spapperi is a veteran cryptocurrency investor and blockchain technology specialist. He became fascinated with Bitcoin and distributed ledgers while studying computer science at MIT in 2011.

    Since 2013, Gabriele has actively traded major cryptocurrencies and identified early-stage projects to invest in. He contributes articles to leading fintech publications sharing his insights on blockchain technology, crypto markets, and trading strategies.

    With over a decade of experience in the crypto space, Gabriele provides reliable insights and analysis on the latest developments in digital assets and blockchain platforms. When he's not analyzing crypto markets, Gabriele enjoys travel, golf, and fine wine. He currently resides in Austin, Texas.

error: Alert: Content is protected !!