About 61% of applicants who applied for a license to operate as virtual financial assets agents in Malta failed the test to obtain certification.
According to information published in a local media this October 18, out of a total of 250 people, including lawyers, accountants and auditors, only 39% approved, in a second attempt, the tests applied by the Financial Services Authority. of Malta.
It is a test included among the requirements to obtain a license that will allow operating under this new figure (agent of virtual financial assets), which was created in the framework of the new Law of Virtual Financial Assets (VFA) that will come into force in next November. These agents will be in charge of operating in the cryptocurrency market of the island and will serve as a link between supervisory entities and companies.
The exam consisted of a series of multiple choice questions and was administered by the Institute of Financial Services Professionals, who modified the test after observing the low approval rates. However, for the second attempt, the level of approval did not reach half.
The Law of Virtual Financial Assets is one of the three new laws that are part of the strategy established by the government of Malta to regulate cryptocurrencies and cryptoactive technology, with the aim of positioning the Mediterranean island as a leader in this industry. This Law will regulate, specifically, the operation of the market, ensuring that the principles of financial regulation are complied with, the investor is protected and integrity and financial solidity are provided.
To this end, the VFA establishes that virtual financial assets agents will be responsible for certifying and licensing the various companies in the sector, such as those planning initial coin offerings (ICO), portfolio management companies or advisory companies. investments.
Such agents will be a key figure in the sector. Hence the concern of the Financial Services Authority for its training. Therefore, last September the entity drew attention to the lack of preparation of many players in the cryptoactive industry to act as agents of virtual assets, proposing the realization of training courses, in addition to the test applied to measure competition of the aspirants. At the same time, capital requirements and regulatory fees were increased, and continuing professional education was established as a mandatory requirement, according to the source.
Malta is the first country to have comprehensive laws for cryptocurrencies and distributed accounting technology. This is due to the approval, last July, of the Digital Innovation Law, the Law of Arrangements and Services of Innovative Technology and the Law of Virtual Financial Assets.
These regulatory projects are part of a large blockchain national plan implemented in Malta since last year. This has caused that many FinTech companies and exchange houses have chosen Malta as an operation site, qualifying their regulatory system as one of the friendliest.
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