There is an increasing demand for crypto compliance workers in the European Union after the passing of the Markets in Crypto Assets (MiCA) bill and the general demand for financial institutions to implement strict anti-money laundering and compliance measures.
Coincidently, the demand comes after the collapse of crypto-friendly Silvergate and Signature Banks in the United States.
According to a Bloomberg report, companies in the EU, such as Greengage Global Holding Ltd, BCB Group Ltd, Blockbank and Fiat Republic Ltd., are increasing their compliance teams to ensure they meet anti-money laundering and regulatory standards.
Consequently, compensation in the form of salaries has shot up by 20% to lure top talent to their firms.
Natasha Powell, chief compliance officer at BCB, explained:
Finding good compliance officers comes at a cost, and compliance now has a premium attached to it.
Some financial institutions are looking to fill the gap left by Silvergate and Signature Bank. Mark Weclawek, chief executive officer at recruitment firm MWek Solutions, added:
It’s like post-2008 in the financial industry…compliance is king
Greengage CEO Sean Kiernan added:
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.You need to know all the traditional regulations, plus what are the unique risks for the crypto exchange market and even the weaknesses in blockchain analytics services.