Low Pass Rate

Beneath Malta’s Virtual Financial Assets (VFA) Act, professionals who wish to act as agents in the area 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:

Nearly two-thirds of those applying for agent certification failed the evaluation process .

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 showing that about 250 lawyers, accountants, and auditors took. “Once the exam papers were rated, it became clear the pass rate was extremely low,” the book conveyed, including that”Even after the changes that 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 agency… 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 enroll as VFA agents.” The regulator, therefore, suggests a number of additional rules for them to comply. They include increasing the initial and ongoing capital requirements as well as regulatory fees https://bitcoincasinoreview.info/ Additionally, 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’ plan and which seek to govern 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 financial asset services, such as portfolio management or investment advicerequire an agent to apply for a license.

What do you think of the 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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Source: bitcoincasinoreview.net