Bitcoin Global News (BGN)
October 19, 2018 -- ADVFN Crypto NewsWire -- 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