Despite the examiners attempted to ease the process, only 40% of professionals passed the cryptocurrency certificate exam of Malta’s government.
As per the reports of Times of Malta, Malta Financial Services Authority (MFSA), out of 10, failed more than 6 applicants seeking to be certified cryptocurrency agents.
In the exam, 250 lawyers, accountants and auditors appeared so far. The exam was created under the VFA act, one of the three laws which form the backbone of Blockchain Island. The availability of VFA is crucial as companies who issue ICOs, need them to raise capital by selling virtual assets to investors and trading them on exchanges.
The exam involved a series of MCQs and there was negative marking scheme. As the percentage of candidates qualified was extremely low, examiners had to make a last minute change in order to ease the marking scheme. The pass percentage is still not more than 39%.
Maltese President Joseph Muscat, earlier this month, told the United Nations that by adopting technologies like Blockchain was a way to counter aggressive, reactionary politics. He called cryptocurrency ‘the future of money.’
The country has also signed deals with big names like Binance and Huobi, getting green signals to set up the first tokenized Blockchain bank in the world.
The financial services issued a document that says certain players of the industry are not prepared sufficiently to register as VFA agents, and there was a need to address pre-existing expectations gap. The MFSA proposed an assessment and also increased the regulatory fees and capital requirements. For professional education, they have introduced is a necessary requirement.
In July, it has been reported that the Chartered Financial Analyst (CFA) exam has introduced cryptocurrency and blockchain to its curriculum as a part of the section named ‘Fintech in Investment Management’.