Low Pass Rate
Beneath Malta’s Virtual Financial Assets (VFA) Act, practitioners who wish to act as agents in the area that includes cryptocurrencies and initial coin offerings (ICOs) must successfully complete a short 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 certificate despite changes intended to enhance the pass rate.
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 showing that about 250 attorneys and auditors took. “Once the exam papers were graded, it became apparent the pass rate was extremely low,” the publication hauled, including that”Even after the changes that the pass rate was only 39 percent and bitcoin casino game broadcasts .”
License Required
According to the MFSA’s consultation document for VFA service suppliers,”any person who is supplying a VFA agency… 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 ready to register as VFA agents.” The regulator proposes a number of additional rules for them to comply. They include increasing fees and ongoing capital requirements as well as the initialbitcoin casino no deposit run bitcoin gambling casino license In addition, 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 one of three new laws forming part of the government’s’Blockchain Island’ strategy and which attempt to govern the blockchain and cryptocurrency industry,” adding that”It will enter into force in November.” Other than issuing ICOs, the novel and trading cryptocurrencies clarified:
Companies looking to provide other virtual asset services, such as portfolio management or investment advicerequire an agent to apply for a licence.
What do you consider the low pass rate for the Maltese cryptocurrency agent certification exam? Let us know in the comments section below.
Pictures courtesy of Shutterstock and MFSA.
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Source: bitcoincasinoreview.info
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