Low Pass Rate
Beneath Malta’s Virtual Financial Assets (VFA) Act, professionals who would like to act as agents in the area that includes cryptocurrencies and initial coin offerings (ICOs) must successfully complete a brief training course and pass an exam.
Noting that the exam took place in September, the Times of Malta reported on Thursday:
The evaluation process that was official was failed by Virtually two-thirds of those applying for cryptocurrency agent certification despite changes intended to boost the pass rate.
The exam was established by the Malta Financial Services Authority (MFSA) and administered by the Institute of Financial Services Practitioners.
The news outlet quoted sources revealing that about 250 attorneys and auditors took the examination, which consisted of a series of multiple choice questions. “After the exam papers were graded, it became clear the pass rate was extremely low,” the book conveyed, adding that”Even after the changes the pass rate was just 39 percent and bitcoin casino game scripts.”
According to the MFSA’s consultation document for VFA service suppliers,”any individual who’s providing a VFA service… shall within twelve months apply for a permit with the competent authority with respect to Article 14 to the Act,” the CBS Group described.
The MFSA wrote,”It has also become evident that certain industry players are not sufficiently ready to register as VFA agents.” The regulator suggests a number of rules for them to comply. They include raising the initial and ongoing capital requirements as well as regulatory feesno deposit bonus codes for bitcoin casinos us players bitcoin casinos for us players Additionally, the MFSA suggests”introducing a rigorous proficiency 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 attempt to regulate the blockchain and cryptocurrency industry,” adding that”It will enter into force in November.” Aside from issuing ICOs, the novel and trading cryptocurrencies clarified:
Companies looking to provide other virtual asset services, such as portfolio management or investment advice, also need an agent to apply for a licence.
What do you consider the low pass rate for the Maltese cryptocurrency agent certification exam? Tell us in the comments section below.
Pictures courtesy of Shutterstock and MFSA.
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