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Low Pass Rate best bitcoin online casino registered and licensed

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 short 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 nearly two-thirds of those applying for cryptocurrency agent certificate .

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 lawyers, accountants, and auditors took the exam, which consisted of a series of multiple choice questions. “After the exam papers were rated, it became clear the pass rate was extremely low,” the book conveyed, adding that”Even after the changes that the pass rate was only 39 percent and bitcoin casino game broadcasts .”

License Required

According to the MFSA’s consultation document for VFA service suppliers,”any individual who is providing a VFA service… 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 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 regulatory feesbitcoin casino usa legality strategy for bitcoin casino Additionally, the MFSA proposes”introducing a rigorous competence assessment” and”a compulsory 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’ strategy and which seek to regulate the blockchain and cryptocurrency industry,” adding that”It will enter into force in November.” Aside from trading cryptocurrencies the publication, and ICOs clarified:

Companies looking to offer other 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.

Pictures courtesy of Shutterstock and MFSA.

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