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EU Banking Authority to Hire Crypto Experts as It Prepares for MiCA Law
The Paris-based agency will regulate large stablecoins and make rules under the landmark licensing legislation.
Updated Mar 22, 2023, 3:08 p.m. Published Mar 22, 2023, 11:48 a.m.
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The European Banking Authority is hiring crypto-skilled staff as it seeks to prepare for its duties under the European Union’s forthcoming Markets in Crypto Assets (MiCA) regulation, according to a vacancy notice published on Wednesday.
The Paris-based agency will be responsible for regulating issuers of large stablecoins – crypto assets tied to fiat currencies such as the euro – and preparing draft rules to fill in details of MiCA that lawmakers left open.
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The EBA said it is looking for someone with “sound knowledge of crypto-asset products and services,” who has several years of experience supervising financial institutions to perform the role, which is to “carry out preparatory steps for the establishment of the supervision function” under MiCA.
An EBA spokesman said the recruitment was part of "wider efforts to enhance our crypto-asset-focused staff," alongside reallocation and staff training. The spokesman pointed to a recent work programming document that envisages as many as 22 full-time staff working on MiCA.
EBA Chairman José Manuel Campa previously told the Financial Times that the agency was worried it wouldn't be able to enforce the MiCA rules if it couldn't find skilled staff.
Read more: EU Banking Regulator Worries It Can’t Find the Staff to Regulate Crypto: Report
UPDATE (March 22, 14:52 UTC): Adds comment from EBA spokesperson in fourth paragraph.
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U.S. DOJ hits Paxful for $4 million in case tied to illegal sex work, money laundering
The crypto platform's penalty was sharply reduced due to its ability to pay, according to U.S. authorities.
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- The U.S. Department of Justice won a $4 million penalty from former crypto platform Paxful in a sentence tied to the dodging of money-laundering laws.
- The amount was reduced from an original amount of $112 million by prosecutors after determining the business couldn't pay that much, the DOJ said.
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