EU banking authority seeks digital currency expert ahead of MiCA law implementation

The European Banking Authority (EBA) is looking for a digital currency expert to beef up its rank ahead of its supervisory functions under the Markets in Crypto Assets (MiCA) law.

Under the job listing, the successful applicant will be saddled with the tasks of contributing to the EBA’s supervision model of the European Union’s digital currency markets. The role will require the individual to develop policy mandates under MiCA and “support and contribute to the other activities of the Digital Finance Unit.”

Under MiCA, the Paris-based agency will monitor the operations of stablecoins that are pegged to the euro, ensuring that the reserves of the stablecoin issuers are properly backed. The EBA’s functions extend to drafting additional rules that the EU’s parliament left blank to allow regulators to exercise a measure of control.

To this end, the EBA seeks to onboard an individual with sufficient expertise in digital assets and their underlying technology to help it achieve its goals.

“Sound knowledge of cryptoasset products and services and the regulatory framework related to the area of cryptoassets, in particular with a high familiarity of cryptoasset issuance activities and business models, and the use of distributed ledger technology (DLT) gained through studies or professional experience,” read the job listing.

The EBA’s ideal candidate is one that has garnered three-years worth of experience in supervising financial institutions, developing supervisory policies, and has sufficient experience in drafting high-quality documents. Apart from technical competencies, the EBA will be paying close attention to candidates’ behavioral competencies, with problem-solving and collaboration at the top of the list for the body.

EBA’s role is expected to be a “temporary agent contract” that is expected to run for three years with the option for an extension of an additional three years.

“Furthermore, you will be joining the EBA at an exciting time as the Authority expanded its mandate with the implementation of the European Markets in Crypto-Assets Regulation (MiCA) and the EU Digital Operational Resilience Act (DORA),” read the job listing.

The final vote for MiCA

Members of the European Parliament will converge for a final vote for MiCA on April 19 following bottlenecks regarding translations.

With MiCA on the horizon, digital currency firms are bracing themselves for the impact of a groundbreaking legal regime for the bloc. A provision of MiCA makes it imperative for digital asset providers to get comprehensive insurance, with several firms pointing out the difficulty of fulfilling the obligation.

“The real challenge is to find a bank and insurance. And that’s really disappointing. You pass all the steps, you have your license, and the market still says no. I would like to imagine that with MiCA, that will change,” said Frederic Montagnon, CEO of French digital currency firm Arianee.

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