Malta is beginning to gear up for the launch of its new crypto laws, to the point where it has started holding exams for people looking to become crypto agents. These agents will act as intermediaries between initial coin offerings (ICOs), operators, crypto vendors. and the Malta Financial services Authority (MFSA). Lawyers, accountants, auditors, and CEOs are all interested in sitting the exam, but even as the marking scheme was made easier just hours before the exam took place, only 39% managed to pass.
Malta Just Isn’t Ready
This latest blow for the Maltese crypto industry is just another key indicator that Malta is trying to rush into things and it isn’t yet prepared. In fact, in a statement the MFSA said it had “become evident that certain industry players are not sufficiently prepared to register as VFA agents.” That comes as very worrying news for the Maltese crypto industry as the regulatory body is essentially saying local players just simply aren’t up to scratch. Hopefully, the introduction of more experienced international firms to the island can help clear up the situation. Thankfully, well renowned companies like OKEx and Binance have moved to the self-proclaimed blockchain island to support and educate locals.
Blockchain Island is Stalling
Earlier this week we reported on a number of key factors that indicate the blockchain island project could be stalling. Its new crypto friendly laws are yet to come into effect – they are due to go live on November 1st – and banks make it nearly impossible for locals to even get hold of Bitcoin. The blockchain island recently got its first crypto scam that the MFSA has been slow to act upon, while the island is still yet to completely transition from cash to a digital payment world. All of these factors combined could imply that the blockchain island idea is more of a dream than a reality.
Hosting the Malta Blockchain Summit
On the same day the new crypto regulations go live, Malta is hosting the Malta Blockchain Summit. It’s touted to be the crypto event of the year and boasts an incredible lineup of guests, including the Winklevoss Twins, Sofia Bot – the first AI bot given human status – and John McAfee. The summit presents Malta with a chance to turn its recent bad run of fortune around and come out all guns blazing to retain its position as a blockchain hub.
While it’s not a good sign that 61% of test takers failed the exam – especially when they are supposedly local blockchain experts – the Maltese crypto industry is still moving forwards. The country still has a lot of ground to cover, but the introduction of the new laws on November 1st will undoubtedly be a huge boost.