Following the Virtual Financial Assets (VFA) Act that was enacted last year November, reports have revealed that more than 60 per cent of people who recently took Malta’s cryptocurrency agent certification failed the examination.
The crypto certification examination, which took place in September, had been conceived since late 2017 in a program that has been designed to ensure only qualified professionals are certified to offer cryptocurrency-related services. The enactment of the act has subsequently mandated personnels and financial professionals who are seeking to work in the cryptocurrency industry to undergo a training course and get tested before becoming ‘agents’ in the industry.
According to reports from a local news outlet Times of Malta, the examination scheme was changed in the last minute in a bid to ensure the majority of examinees passed. Despite the quick adjustments, the incredibly low pass ratio hardly increased. Where a total of more 250 people wrote the certification examination, only about 30 percent could beat the pass-mark with almost 180 examinees trailing behind the cut-off mark.
No Negative Marking
Due to the high number of failed entries, the marking scheme was then subsequently adjusted, with the examining body ditching away the ‘negative marking strategy’ it enforced in the first place. This change, however, was only able to push the number of successful examinees up by a meagre 9%.
The result of the assessment and the sudden change in marking scheme has discouraged a significant number of potential practitioners. Agents; who could be lawyers, accountants, or auditors interested in working in the cryptocurrency industry, are now required to pass the examination to receive VFA accreditation, including businesses that are also seeking to offer cryptocurrency-related services or mediating between ICO operators and vendors.
Malta Financial Services Authority (MFSA), which enacted the act on the Blockchain Island, was cited by Times of Malta in an official document explaining the basis of the act in preparing qualified professionals to function in the industry effectively. “[It has] become evident that certain industry players are not sufficiently prepared to register as VFA agents,” the document stated.
As of press time, the coordinator of the certification exam is yet to make any comment on the issue.