agosto 8, 2017 | Posted in:Blog

Low Pass Rate

Beneath 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, the Times of Malta reported on Thursday:

Nearly two-thirds of those applying for cryptocurrency agent certificate failed the official assessment process 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 news outlet quoted sources showing that about 250 attorneys, accountants, and auditors took. «Once the exam papers were rated, it became apparent the pass rate was extremely low,» the publication conveyed, including 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 person who’s providing 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 register as VFA agents.» The regulator, therefore, proposes a number of rules for them to comply. They include increasing fees and ongoing capital requirements in addition to the initialbitcoin casino double spend best bitcoin casino for us players In addition, the MFSA proposes»introducing a rigorous proficiency assessment» and»a mandatory 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 seek to govern the blockchain and cryptocurrency sector,» adding that»It will enter into force in November.» Other than issuing ICOs and trading cryptocurrencies explained:

Companies looking to offer virtual financial asset services, such as investment advice or portfolio management 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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