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 first exam took place in September, the Times of Malta reported on Thursday:

The assessment process that was official was failed by Virtually two-thirds of those applying for agent certificate .

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 the exam, which consisted of a set of multiple choice questions. « Once the test papers were rated, it became clear the pass rate was extremely low, » the publication hauled, adding 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 providers, »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 are not 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 feesbuy casino stock with bitcoin ignition casino bitcoin from exchange In addition, the MFSA proposes »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 industry, » adding that »It will enter into force in November. » Aside from trading cryptocurrencies and ICOs clarified:

Companies looking to offer financial asset services, such as portfolio management or investment advice, also require an agent to apply for a license.

What do you consider this 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