Virtual Financial Assets Acts (VFA)
As of now, in Malta, Practitioners hoping to be agents in any field related to cryptocurrencies and Initial Coin Offerings (ICOs), have to pass an exam and successfully complete a short training course.
The first exam took place in September and was reportedly set by the Malta Financial Services Authority (MFSA) and allocated by the Institute of Financial Services Practitioners. According to a report, about 250 Accountants, Lawyers, and Auditors took the exam and after the collation of the results, it was discovered that the percentage of those that passed was very low as it stands at about 39%.
According to the MFSA’s consultation document for VFA service providers, it was stated:
“any person who is providing a VFA service shall within twelve months apply for a license with the competent authority in terms of Article 14 to the Act,”
Most Financial Agents are not Qualified
Another statement released by the MFSA talks about how it was discovered that some particular set of people in the industry are not qualified to be registered as a financial agent. As a result, the organisation added new rules to the already existing ones, these rules includes:
- The introduction of a strict capability test.
- An increment in the initial and ongoing capital requirements including regulatory fees.
- Making of Continuous Professional Education compulsory criteria.
A local news outlet states that:
“The VFA Act is one of three new laws forming part of the government’s ‘Blockchain Island’ strategy and which seek to regulate the blockchain and cryptocurrency sector,” adding that “It will enter into force in November.”