Low Pass Rate
Beneath Malta’s Virtual Financial Assets (VFA) Act, professionals who would like 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 exam took place in September, Malta’s Times reported on Thursday:
Nearly two-thirds of those applying for agent certificate failed the assessment process that was official despite changes meant to enhance the pass rate.
The exam was set by the Malta Financial Services Authority (MFSA) and administered by the Institute of Financial Services Practitioners.
The information outlet quoted sources revealing that about 250 attorneys, accountants, and auditors took the exam, which consisted of a series of multiple choice questions. “After the test papers were rated, it became apparent the pass rate was extremely low,” the book hauled, including that”Even after the changes that the pass rate was only 39 percent and bitcoin casino game scripts.”
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 rules for them to comply. They include raising the initial and ongoing capital requirements in addition to feesbitcasino rating In addition, the MFSA suggests”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 attempt to govern the blockchain and cryptocurrency industry,” adding that”It will enter into force in November.” Other than trading cryptocurrencies the publication, and issuing ICOs clarified:
Companies looking to offer financial asset services, such as investment advice or portfolio management , also need an agent to apply for a license.
What do you consider the low pass rate for the Maltese cryptocurrency agent certification exam? Tell us in the comments section below.
Images courtesy of Shutterstock and MFSA.
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