The Paris-based agency will oversee large stablecoins under MiCA and make rules under the landmark enabling law.
The European Banking Authority (EBA) is hiring employees with crypto knowledge to prepare for tasks under the European Union's upcoming Regulation on Markets in Crypto Assets (MiCA), according to the job advertisement published on Wednesday.
The Paris-based agency will be tasked with overseeing large stablecoins and drafting rules to fill in details of MiCA left open by lawmakers.
EBH announced that it is looking for a person with " thorough knowledge of crypto products and services " as well as several years of supervisory experience in financial institutions to carry out the task of " carrying out preparatory steps and creating a supervisory function " within the framework of MiCA.
EBH President José Manuel Campa previously told the Financial Times that he was concerned that he would not be able to comply with MiCA rules if he could not find the right qualified staff.
The EU has recently finalized the Markets in Cryptographic Assets (MiCA) legislation, which has a strong focus on stablecoins, and will apply to all 27 member states. There is still a long way to go before the details are enacted into law. If these are available, then certain details still need to be clarified, and the additional rules can come after that.
Policymakers representing the world's third largest economy have been negotiating the MiCA (Markets in Crypto Assets) framework for nearly two years. As it stands, the legislative package requires cryptocurrency issuers to publish a kind of technical manifesto called a “white paper,” register with authorities, and maintain adequate bank-like reserves for stablecoins.
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