Low Pass Rate
Under Malta’s Virtual Financial Assets (VFA) Act, professionals who wish 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 initial exam took place in September, the Times of Malta reported on Thursday:
Nearly two-thirds of those applying for agent certification failed the evaluation process that was official .
The exam 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 lawyers, accountants, and auditors took. “After the test papers were rated, it became clear the pass rate was extremely low,” the publication conveyed, adding that”Even after the changes the pass rate was only 39 percent and bitcoin casino game scripts.”
License Required
According to the MFSA’s consultation document for VFA service suppliers,”any individual who is providing a VFA service… shall within twelve months apply for a permit with the competent authority in terms of 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 register as VFA agents.” The regulator suggests a number of additional rules for them to comply. They include increasing regulatory fees and ongoing capital requirements in addition to the initialzigzag777 casino promo code Additionally, the MFSA suggests”introducing a rigorous competence assessment” and”a compulsory 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 regulate the blockchain and cryptocurrency sector,” adding that”It will enter into force in November.” Other than trading cryptocurrencies the publication, and issuing ICOs clarified:
Companies looking to provide other virtual asset services, such as portfolio management or investment advice, also require an agent to apply for a licence.
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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Source: bitcoincasinoreview.net
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