José Manuel Campa, chairman of the European Banking Authority, told the Financial Times that he fears the agency does not yet have the capacity to oversee digital assets.
José Manuel Campa, chairman of the European Banking Authority, told the Financial Times that the agency does not yet have the capacity to oversee digital assets. A major concern is recruiting and retaining the necessary specialized staff because the demand for talent in the cryptocurrency sector is high.
According to the Financial Times, the European Banking Authority is concerned about the implementation of new rules on cryptocurrencies that are expected to come into effect by 2025.
The EU recently finalized its legislation on crypto asset markets, which could affect the use of stablecoins in all 27 member countries. The legislation focuses specifically on stablecoins and will be implemented once the details are put into law. Three years from now, Campa told the FT, “cryptocurrencies may have shifted and morphed into other uses that I cannot anticipate.”
Speaking to the FT, Campa expressed concern about the EBA’s ability to enforce its new powers because it will not know which cryptocurrencies to oversee until 2025 approaches.
“My concern is making sure that the identified risks are properly managed,” he said.