Low Pass Rate
Under Malta’s Virtual Financial Assets (VFA) Act, professionals who wish to act as agents in the area that includes cryptocurrencies and first coin offerings (ICOs) must successfully complete a brief training course and pass an exam.
Noting that the initial exam took place in September, the Times of Malta reported on Thursday:
Virtually two-thirds of those applying for agent certification failed the official evaluation process .
The exam was set by the Malta Financial Services Authority (MFSA) and administered by the Institute of Financial Services Practitioners.
The information outlet quoted sources revealing that about 250 attorneys, accountants, and auditors took. “After the exam papers were rated, it became clear the pass rate was extremely low,” the publication hauled, adding that”Even after the changes the pass rate was just 39 percent and bitcoin casino game broadcasts .”
According to the MFSA’s consultation document for VFA service providers,”any person who’s providing a VFA service… shall within twelve months apply for a permit with the competent authority in terms of Article 14 to the Act,” the CBS Group described.
The MFSA wrote,”It has also become evident that certain industry players aren’t sufficiently ready to register as VFA agents.” The regulator, therefore, proposes a number of additional rules for them to comply. They include raising fees and ongoing capital requirements in addition to the initialbitcoin casino us bonus codes bitcoin casino live dealers Additionally, the MFSA proposes”introducing a rigorous competence assessment” and”a mandatory requirement for Continuous Professional Education.”
The Times of Malta elaborated,”The VFA Act is just one of three new laws forming part of the government’s’Blockchain Island’ strategy and which seek to regulate the blockchain and cryptocurrency industry,” adding that”It will enter into force in November.” Other than issuing ICOs and trading cryptocurrencies explained:
Companies looking to offer other virtual financial asset services, such as investment advice or portfolio management , also require an agent to apply for a license.
What do you think of this low pass rate for the Maltese cryptocurrency agent certification examination? Tell us in the comments section below.
Pictures courtesy of Shutterstock and MFSA.
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