Low Pass Rate
Beneath Malta’s Virtual Financial Assets (VFA) Act, practitioners who would like to act as agents in the area that includes cryptocurrencies and first coin offerings (ICOs) must successfully complete a short training course and pass an exam.
Noting that the exam took place in September, Malta’s Times reported on Thursday:
Nearly two-thirds of those applying for agent certificate failed the evaluation process that was official despite changes meant to boost the pass rate.
The exam was set 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, accountants, and auditors took. “After the exam papers were graded, it became clear the pass rate was extremely low,” the publication conveyed, including that”Even after the changes that the pass rate was just 39 percent and bitcoin casino game broadcasts .”
According to the MFSA’s consultation document for VFA service providers,”any individual who’s supplying a VFA service… shall within twelve months apply for a license 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 aren’t sufficiently prepared to register as VFA agents.” The regulator, therefore, suggests a number of additional rules for them to comply. They include raising regulatory fees and ongoing capital requirements in addition to the initiala href=”https://bitcoincasinoreview.net/cryptogames-review-rating”>Cryptogames sign up Additionally, the MFSA suggests”introducing a rigorous proficiency assessment” and”a compulsory 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’ plan and which attempt to govern the blockchain and cryptocurrency sector,” adding that”It will enter into force in November.” Aside from trading cryptocurrencies the novel, and issuing ICOs clarified:
Companies looking to provide financial asset services, such as portfolio management or investment advicerequire an agent to apply for a licence.
What do you think of this low pass rate for the Maltese cryptocurrency agent certification examination? Tell us in the comments section below.
Images courtesy of Shutterstock and MFSA.
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