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 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 assessment process that was official was failed by Virtually two-thirds of those applying for cryptocurrency agent certificate despite changes intended to boost the pass rate.
The exam was set by the Malta Financial Services Authority (MFSA) and administered by the Institute of Financial Services Practitioners.
The news outlet quoted sources revealing that about 250 attorneys, accountants, and auditors took. “After the test papers were graded, it became apparent the pass rate was extremely low,” the book conveyed, including that”Even after the changes 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 individual who’s supplying 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 in addition to regulatory feesbitcoin casino table games bitcoin casino bonus code june 2017 Additionally, the MFSA proposes”introducing a rigorous competence 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 attempt to govern the blockchain and cryptocurrency industry,” adding that”It will enter into force in November.” Aside from trading cryptocurrencies and issuing ICOs, the publication clarified:
Companies looking to provide other virtual financial asset services, such as investment advice or portfolio management require an agent to apply for a licence.
What do you consider the 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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Source: bitcoincasinoreview.net
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