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Malta’s Virtual Financial Assets Act Goes Live: Insights

October 19, 2018

 

With Malta’s Virtual Financial Assets Act about to take effect on November 1st, it truly looks as if the country will earn the moniker of “Blockchain Island.” At the same time that the law takes effect, the Malta Blockchain Summit will be taking place at the Intercontinental Hotel in St.Julian’s in the heart of the island, with the prime minister as one of its speakers.

 

All of this is coming on the heels of the news earlier this spring that Binance would move its headquarters to Malta, in a show of support for the island’s support of the Blockchain industry.

 

Despite all of the positive press on the act, however, it has been difficult to find existing opinions on its specific content, without reading the full text oneself. Today, that looks like it is about to change since Cointelegraph published an article about the act’s provisionary “Crypto Agent Exam.”

 

Apparently, since last November, it has been compulsory for anyone looking to work as a lawyer, accountant or auditor, related to Cryptocurrency and Blockchain projects.

 

What is unfortunately confusing about this article is that by all accounts, it appears that the act will take effect this November as referenced above, and did not start to take effect last November as Cointelegraph claims.

 

Most likely, what they meant to post was that certain provisions of the act took effect last November and the full act will not become law until this November. Whatever the case, what is more important for our purposes is what they found, over the course of their administration of the “Crypto Agent Exam.”

 

According to Cointelegraph, who cited the Times of Malta, the officials in charge of the exam have already concluded that since only 39% of those who took the exam passed, this indicates a serious lack of true understanding of the Cryptocurrency space.

 

If it can be proven that the larger part of those who provide legal related advice to Blockchain projects fall into this supposition, this may come as a serious blow to the continued success of the industry. Why, you might ask? Simply put, how can we trust that projects are not engaging in illegal activity that is intentional or even unintentional if their representation does not understand them enough to provide accurate guidance?

 

Given that in truth, only 250 people represent their sample at this time, only time will tell if any of this is significant, in terms of the future of the Blockchain. Until then, we need to avoid acting on what is mainly minor news which is being painted as if it were something more.

 

Finally, with the uncertainty surrounding the global regulation of the Blockchain industry, it is reasonable to question what this exam is even based on.

 

 

By: BGN Editorial Staff

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