A European regulator has proposed specific guidelines under the MiCA (Markets in Crypto-Assets) regulation regarding the competence of personnel working in the crypto sector. This proposal highlights the growing importance of professionalising the sector and protecting investors. This article explores the details of these guidelines, the expected skills and the implications for crypto businesses operating in Europe.
MiCA: Towards a professionalisation of the crypto sector
The MiCA regulation aims to establish a harmonised legal framework for cryptocurrencies within the European Union. A crucial aspect of this regulation is the requirement for adequate skills for personnel working in crypto businesses. The guidelines proposed by the European regulator specify the minimum skills expected, covering areas such as knowledge of blockchain technologies, regulatory compliance, risk management and investor protection.
The aim of these requirements is to ensure that personnel in crypto businesses have the necessary knowledge and skills to perform their duties responsibly and professionally. This will reduce the risks of fraud, market manipulation and mismanagement of investor funds. By strengthening the professionalisation of the sector, MiCA aims to increase investor confidence and foster the sustainable development of the cryptocurrency market in Europe.
Key skills and implications for crypto businesses
The proposed guidelines highlight several key skills for crypto business staff. These include a thorough knowledge of blockchain technologies, cryptocurrencies and crypto markets. It is also essential to master the legal and regulatory aspects related to cryptocurrencies, including anti-money laundering (AML) and personal data protection (GDPR).
In addition, staff must have skills in risk management, cybersecurity and customer communication. Crypto businesses will have to put in place training and certification programmes to ensure that their staff have the required skills. They will also have to be able to demonstrate to regulators that they comply with the competence requirements set by MiCA.
