Reported by daily Times of Malta, two-thirds of candidates, who took Malta’s cryptocurrency agent certification have failed.
Since the Virtual Financial Assets Act (VFA) created last November, the test, as well as a training course, has been obligatory for all, those wanting to work as agent in the crypto field.
The term “agent” here states to specialists such as accountants, auditors and lawyers, who may want to tend between ICO operators or also other digital currency vendors, the island’s overseer, the Malta Financial Services Authority (MFSA).
According to the Time’s report, about 250 candidates took the exam, which required a series of multiple-choice questions and was primarily graded with “a negative marking scheme.” After distinguishing the percentage of successful candidates was “extremely low”, the inspectors made a last-minute judgement to change the valuation scheme. Yet, the pass rate revealed to be 39 percent.
The report furtherly notes that the spur-of-the-moment marking plan change as well as the judgement process, made various potential practitioners “frustrated.” Together with individuals, the VFA accreditation is obligatory of any business obtaining to provide crypto services, including investment guidance or portfolio management, especially it is necessary for the compliant conduct of any ICO on the island.
Institute of Financial Services Practitioners, the exam’s coordinator, has refused to make any comment on the matter.
The Times of Malta quotes MSFA “consultation document” form early September and notes “become evident that certain industry players are not sufficiently prepared to register as VFA agents,” counselling of the “need to address an existing expectations gap, particularly in view of the inherent risks of this sector.”
Because of this situation, the overseer proposed presenting higher capital wants ad regulatory fees as part of its VFA assessment, besides obligatory “continuous professional education” as well as the passing of the written certification.
Malta is strongly known with its vigorous and transparent crypto regulatory environment, and also earning its nickname “Blockchain Island”.
Author: Berna Bayindir
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