Low Pass Rate
Under Malta’s Virtual Financial Assets (VFA) Act, practitioners who would like to act as agents in the field that includes cryptocurrencies and initial coin offerings (ICOs) must successfully complete a short training course and pass an exam.
Noting that the first exam took place in September, the Times of Malta reported on Thursday:
The assessment process was failed by Virtually two-thirds of those applying for agent certification .
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 and auditors took. “After the test papers were rated, it became apparent the pass rate was extremely low,” the book 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 suppliers,”any individual who is supplying 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 aren’t sufficiently prepared to register as VFA agents.” The regulator suggests a number of additional rules for them to comply. They include raising the initial and ongoing capital requirements as well as regulatory feesETHEREUM SWEEPSTAKES scam 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 regulate the blockchain and cryptocurrency sector,” adding that”It will enter into force in November.” Aside from trading cryptocurrencies and issuing ICOs, the publication clarified:
Companies looking to provide other virtual financial asset services, such as portfolio management or investment advice, also require an agent to apply for a license.
What do you think of 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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