Chairperson of the EU’s Banking Authority, José Manuel Campa is worried about the ability to supervise such a vast financial sector as crypto, Coindesk confirms. The regulation of digital assets requires a large number of specialized and trained staff. José expects that the new rules and regulations will only be enforced by 2025.
On June 30, 2022, the Markets in Crypto Assets (MiCA) legislation was finalized, yet it is still about to undergo the long process of becoming law. MiCA focuses on stablecoins and is going to be applied to all 27 members of the European Union. This process is likely to take a few years, which can result in the need of adding more regulations and laws due to new technologies and other forms of crypto use in the future.
By 2025, new cryptocurrencies may arise and become widely used. Due to these reasons, the Chairman of the European Banking Authority (EBA) is unsure of which cryptocurrencies EBA will administer and regulate.
"My concern is more about making sure the risk we have identified ... is properly managed. If we don't do as well as we should have, we'll have to live with the consequences," he said.
The European Union is yet to get onto the stage of crypto as a whole. Many countries in the EU have already taken the matter into their own hands and began creating regulations and laws regarding crypto and its use. Still, it is only a matter of time till the EU members come to a united agreement regarding the regulations.