Regulation
European banking authority seeks crypto experts as MiCA deadline approaches – DL News
- The European Banking Authority is recruiting crypto experts.
- The watchdog will oversee stablecoin laws that go into effect on Sunday.
- DeFi monitoring will help the EU decide on additional regulation.
It’s not just crypto companies that are preparing for new EU laws, but regulators are too.
The European Banking Authority, the European Union’s financial watchdog responsible for overseeing the regulation of stablecoins across the bloc, has opened vacant jobs for cryptography experts.
The EBA is looking to add three roles: a specialist to monitor the crypto and DeFi markets, a policy expert to help categorize crypto assets according to the new legal classifications, and another expert to oversee implementation cryptography and cybersecurity laws.
The framework for crypto-asset markets, or MiCA, has almost reached its first deadline.
The rules for stablecoins will go live on June 30, while the rules for crypto service providers will go live starting in December.
This means that regulators and crypto platforms targeting EU markets will chase stablecoins that do not comply with reserve requirements, governance rules and safeguards.
The industry still has a lot of questions on how certain rules will work in practice.
“The EBA also continues to work with national supervisory authorities to ensure consistent implementation and enforcement of the regime,” an EBA spokesperson said. New DL.
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DeFi Monitoring
The EBA was responsible for refining the implementation details of MiCA over the past several years and published the final guidelines in June.
Now that the final guidance has been published, the banking supervisor’s job is to ensure that national authorities follow it.
The EBA will also play a role in developing any additional legislation for DeFi.
Decentralized protocols are excluded from MiCA, but the European Commission will have to report on DeFi and decide whether it should be regulated.
The EBA monitors developments in the cryptocurrency markets and can provide its findings to the Commission.
Crypto is getting ready
Bitstamp Cryptocurrency Exchange said On Wednesday, it will remove euro-denominated stablecoins that are not MiCA-compliant before the fast-approaching deadline.
Other exchanges are also taking precautionary measures.
Binance, for example, said it would limit certain stablecoins in its services.
But MiCA is just one of the new regulations the crypto industry must prepare for.
The EBA will also help oversee the Digital Operational Resilience Act, also mentioned in one of the vacancies.
The law raises the bar on IT security for financial institutions, including crypto service providers, skyrocketing regulatory costs for businesses.
Businesses will have to comply with DORA by January.
This story has been updated with comments from the EBA.
Got a tip about crypto in Europe? Contact the author at inbar@dlnews.com