Low Pass Rate
Under Malta’s Virtual Financial Assets (VFA) Act, practitioners who wish to act as agents in the field that includes cryptocurrencies and initial 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:
The assessment process that was official was failed by nearly two-thirds of those applying for cryptocurrency agent certification .
The examination was established 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 lawyers, accountants, and auditors took. “After the exam papers were graded, it became clear the pass rate was extremely low,” the book hauled, adding that”Even after the changes that the pass rate was only 39 percent and bitcoin casino game scripts.”
According to the MFSA’s consultation document for VFA service providers,”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 are not sufficiently prepared to enroll as VFA agents.” The regulator suggests a number of additional rules for them to comply. They include increasing fees and ongoing capital requirements as well as the initialTrusted oshi casino In addition, the MFSA proposes”introducing a rigorous proficiency assessment” and”a mandatory requirement for Continuous Professional Education.”
The Times of Malta elaborated,”The VFA Act is 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.” Aside from trading cryptocurrencies the novel, and ICOs clarified:
Companies looking to offer other financial asset services, such as investment advice or portfolio management , also require an agent to apply for a licence.
What do you think of this low pass rate for the Maltese cryptocurrency agent certification examination? Let us know in the comments section below.
Images courtesy of Shutterstock and MFSA.
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