Majority of Students Fail To Pass Malta’s Crypto Agent Exam
According to October 18 reports by the Times of Malta, approximately two thirds of the students attending the nation’s digital virtual currency certificate program have failed even after exams were altered to ease its marketing requirements.
Crypto Certifications Proven Difficult to Achieve
Since the passing of the VFA Act this November, all individuals planning to work within the crypto-sphere as agents are required to pass both a training course and a final exam.
The publication explained that the term "crypto agent" encompasses all practitioners responsible for managing relations between ICO operators, the nation’s financial regulatory organization known as the MFSA, or any other digital asset vendor. A total of 250 students participated in the aforementioned exam, which was offered in multiple-choice format and graded through a negative marketing scheme. However, when examiners noted low success rates, final exam schemes were altered as a last minute revision. Despite efforts to support students in this sense, an overall 39% pass rate was achieved.
The Malta-based English publication reported that many participants were left feeling frustrated throughout the assessment and last minute alterations. In order to remain compliant with regulatory demands, all crypto businesses offering digital asset services, financial advice, or management are also required to obtain VFA accreditation.
Despite poor results, exam coordinators from the Institute of Financial Service Practitioners have not issued a formal response regarding the matter.
The publication also cited a document issued by the nation’s regulators this September stating an understanding that a number of individuals within the crypto sector have not proven to be prepared to register as VFA approved agents. The document also advised the requirement to address the apparent gap in expectations considering the risks associated with the industry.
As a result, the MFSA suggested an introduction of higher regulation fees and capital requirements as an aspect of the VFA examination, in addition to required ongoing education and a passing grade for the certificate.
Cryptos and Blockchain Making Waves in Educational Structures
Malta, nicknamed "the blockchain island", has built a solid reputation for promoting transparency within its crypto regulatory policy. As part of this movement, the organization passed the crypto-focused Act this July to work alongside existing Acts such as the DIA and ITAS to promote further blockchain and crypto compliancy.
According to Cointelegraph, a well-known cryptocurrency publication, the CFA examination took the move to incorporate virtual assets and blockchain to its newest branch for fintech investment management. The addition will be covered in next year’s exam.