Markets
EU banking watchdog seeks crypto experts as MiCA deadline looms – DL News
- The European Banking Authority is hiring cryptography experts.
- The watchdog will oversee stablecoin laws that come into force on Sunday.
- DeFi monitoring will help the EU decide on new regulations.
Crypto companies are not alone in preparing for the new European laws – regulators are too.
The European Banking Authority – the European Union’s financial watchdog tasked with overseeing stablecoin regulations across the bloc – has opened vacancies for cryptography experts.
The EBA intends to add three roles: an expert to monitor cryptocurrency and DeFi markets, a policy expert to help categorize crypto assets according to new legal classifications, and another expert to oversee the implementation of cryptography and cybersecurity laws.
The Markets in Crypto-Assets framework, or MiCA, has almost reached its first deadline.
The rules for stablecoins will come into effect on June 30, while the rules for crypto service providers will come into effect from December.
This means that regulators and crypto platforms targeting EU markets will expel stablecoins that do not comply with reserve requirements, governance rules and safeguard measures.
The industry still has a lot questions about how some of the rules will work in practice.
The EBA was not immediately available for comment.
Join the community to receive our latest stories and updates
DeFi Monitoring
The EBA has been responsible for defining the implementation details of MiCA in recent years.
Now that the final guidance has been issued, the banking supervisor’s role is to ensure that national authorities follow it.
The EBA will also play a role in shaping any additional legislation for DeFi.
Decentralized protocols are left out of MiCA, but the European Commission will have to report on DeFi and decide whether it needs to be regulated.
The EBA monitors developments in cryptographic markets and can contribute conclusions to the Commission.
Crypto gets ready
Bitstamp cryptocurrency exchange he said on Wednesday, it will delist euro-denominated stablecoins that are not MiCA compliant ahead of the rapidly approaching deadline.
Other exchanges are also taking precautionary measures.
Binance, for example, said it would limit certain stablecoins on its services.
But MiCA is just one of the new regulations the crypto industry needs to prepare for.
The EBA will also help oversee the Digital Operational Resilience Act, also mentioned in one of the vacancies.
This law raises the IT security bar for financial institutions, including crypto service providers, while increasing regulatory costs for companies.
Companies will need to comply with DORA by January.
Do you have any tips on crypto in Europe? Contact the author at inbar@dlnews.com