Low Pass Rate
Under Malta’s Virtual Financial Assets (VFA) Act, professionals who wish to act as agents in the field that includes cryptocurrencies and first coin offerings (ICOs) must successfully complete a brief training course and pass an exam.
Noting that the initial exam took place in September, Malta’s Times reported on Thursday:
The evaluation process that was official was failed by nearly two-thirds of those applying for cryptocurrency agent certification .
The examination 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 lawyers, accountants, and auditors took. “After the exam papers were graded, it became apparent the pass rate was extremely low,” the book conveyed, adding that”Even after the changes that the pass rate was just 39 percent and bitcoin casino game broadcasts .”
License Required
According to the MFSA’s consultation document for VFA service providers,”any individual who is providing a VFA service… shall within twelve months apply for a license 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 aren’t sufficiently prepared to enroll as VFA agents.” The regulator, therefore, proposes a number of rules for them to comply. They include increasing regulatory fees and ongoing capital requirements as well as the initialfree spins bitcoin casino usa bitcoin casino usa no deposit In addition, 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.” Aside from trading cryptocurrencies the publication, and issuing ICOs clarified:
Companies looking to offer other virtual financial asset services, such as investment advice or portfolio management , also require an agent to apply for a licence.
What do you consider this low pass rate for the Maltese cryptocurrency agent certification exam? Let us know in the comments section below.
Images courtesy of Shutterstock and MFSA.
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Source: bitcoincasinoreview.net
