Low Pass Rate

Beneath Malta’s Virtual Financial Assets (VFA) Act, practitioners 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 exam took place in September, Malta’s Times reported on Thursday:

The evaluation process that was official was failed by Virtually two-thirds of those applying for agent certification despite last-second changes intended to enhance the pass rate.

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 attorneys, accountants, and auditors took. “Once the exam papers were rated, it became clear the pass rate was extremely low,” the publication hauled, including that”Even after the changes that the pass rate was just 39 percent and bitcoin casino game scripts.”

License Required

According to the MFSA’s consultation document for VFA service providers,”any individual who’s 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 aren’t sufficiently prepared to register as VFA agents.” The regulator suggests a number of additional rules for them to comply. They include raising fees and ongoing capital requirements in addition to the initialTrueflip bitcoin casino In addition, the MFSA proposes”introducing a rigorous proficiency 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 govern the blockchain and cryptocurrency industry,” adding that”It will enter into force in November.” Other than trading cryptocurrencies the novel, and ICOs explained:

Companies looking to provide virtual asset services, such as investment advice or portfolio management , also need an agent to apply for a licence.

What do you think of the low pass rate for the Maltese cryptocurrency agent certification examination? Tell us in the comments section below.

Images courtesy of Shutterstock and MFSA.

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Source: bitcoincasinoreview.info