Nearly two-thirds of the applicants fail cryptocurrency agent certification exam in Malta despite the last-minute changes intended to increase the pass rate.
Under the Virtual Financial Assets (VFA) Act coming into force in November, about 250 lawyers, accountants and auditors looking to act as agents in the field had to pass an exam, the first of which took place in September. The number of passes turned out to be very low, leading the authorities to scrap the negative marking scheme. Even after that, the pass rate was only 39 percent.
In early September, the Malta Financial Services Authority (MFSA) issued a consultation document saying it had “become evident that certain industry players are not sufficiently prepared to register as VFA agents.” Following that, the MFSA proposed a more rigorous competence assessment.
Tomiwabold Olajide
Denys Serhiichuk