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EU banking watchdog seeks crypto experts as MiCA deadline approaches – DL News
- The European Banking Authority is recruiting crypto experts.
- The watchdog will oversee stablecoin laws that take effect on Sunday.
- DeFi monitoring will help the EU decide on additional regulation.
It’s not just crypto companies preparing for the new European laws, regulators 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 the implementation of the cryptography and cybersecurity laws.
The Markets in Crypto-Assets, or MiCA, framework 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 about how certain rules will work in practice.
The ABE was not immediately available for comment.
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DeFi Monitoring
The EBA was responsible for refining the implementation details of MiCA over the past several years.
Now that the final guidance has been published, the banking supervisor’s task now becomes ensuring that national authorities comply with 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 crypto markets and may submit its findings to the Commission.
Crypto is getting ready
Bitstamp crypto 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 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 bar for information security for financial institutions, including crypto service providers, increasing regulatory costs for businesses.
Businesses will have to comply with DORA by January.
Do you have any advice on crypto in Europe? Contact the author at inbar@dlnews.com