EBA is Worried About Hiring Talent to Supervise Crypto Space
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Staffing Issues Threaten EBA's Ability to Control Crypto
The European Banking Authority (EBA Crypto Space) stated that keeping talent for anything crypto-related is a "vital concern." According to the executive cited by the Financial Times, the shortage also affects fields like technology and digitalization, which direly need professionals from all sectors of society.
After the last financial crisis, the Paris-based EBA came into existence to make sure that European banks had enough capital to handle such situations in the future. Recently, it was also given the responsibility for directing Europe's effort to oversee cryptocurrencies.
Jose Manuel Campa's comments highlight the challenges that several other firms face as they attempt to enter the quickly expanding crypto sector. To entice workers with in-demand talents, consulting firms, fintech companies, and banking institutions are putting together all-inclusive packages. According to the research, the eurozone's high inflation has raised the need for salaries.
The authorities' pay is comparable to that of the European Commission, and Campa agreed that the EBA Crypto Space would not have the ability to change it. In addition, he worries that regulation may not keep up with the sector's rapid development, leaving him unsure of what his agency will face in two years.
The senior EBA official said he wasn't concerned about the harm to the organization's reputation if it mishandled the industry's regulations. He added,
"My concern is more about making sure that the risk we have identified is managed properly. If we don't do as well as we should have, we will live with the consequences."