agosto 3, 2017 | Posted in:Blog

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, the Times of Malta reported on Thursday:

The evaluation process that was official was failed by Virtually two-thirds of those applying for cryptocurrency agent certificate despite last-second changes meant to boost 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 lawyers and auditors took. «After the test papers were graded, it became clear the pass rate was extremely low,» the book hauled, adding 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 providers,»any individual who is providing a VFA service… shall within twelve months apply for a permit 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, proposes a number of rules for them to comply. They include increasing the initial and ongoing capital requirements as well as regulatory feesGet up to 1 Bitcoin Free on 1Xbit Casino bonus code Additionally, 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 just one of three new laws forming part of the government’s’Blockchain Island’ plan and which attempt 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 other financial asset services, such as investment advice or portfolio management , also require an agent to apply for a license.

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

Pictures courtesy of Shutterstock and MFSA.

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