Chiliz’s Socios.com Bags Malta’s In-Principle Approval for Crypto Services
- Socios.com has announced a new regulatory win.
- The platform is a step away from bagging a crypto license in Malta.
- The development aligned with the platform’s goal of complying with MiCA.
Chiliz Group’s flagship platform Socios.com has secured the Malta Financial Services Authority’s (MFSA) in-principle approval for a crypto services license, the company said Friday.
Founded in 2018, Socios.com provides a free-to-register fan engagement and rewards platform that allows users to connect with their favorite sports clubs and leverage licensed tokens to influence decisions, play exclusive games, and unlock “once-in-a-lifetime” experiences. The platform has a self-reported user base of over two million people.
Socios.com’s Regulatory Win in Malta
According to a press release dated October 25, the MFSA has granted Socios.com in-principle approval for a class 3 Virtual Financial Assets Act (VFAA) license to provide regulated Virtual Financial Asset (VFA) services.
Sponsored
Socios.com said the preliminary approval would allow it to place virtual financial assets as a compliant platform and provide sports fans with new opportunities to connect with various household names such as FC Barcelona, PSG, and Man City via Fan Tokens.
Alexandre Dreyfus, CEO of Chiliz and Socios.com, lauded the development as a significant milestone for the companies, noting that it validated their commitment to regulatory compliance and transparency in the rapidly evolving blockchain industry.
“As pioneers in the SportFi sector we recognise that the highest standards of regulation and transparency are required to build trust with all stakeholders in our ecosystem. With this key step we are excited to continue driving innovation in web3 and sports and entertainment while adhering to the highest regulatory standards,” Dreyfus stated.Per the statement, Malta’s in-principle approval is a notable addition to Socios.com’s existing regulatory milestone. The company has multiple registrations in Italy, Spain, and Indonesia and a Virtual Asset Service Provider (VASP) authorization in Lithuania.
Socioss.com asserted that today’s regulatory win aligned with the forthcoming European Union’s Markets in Crypto-Assets Regulation ( MiCA ), set to take effect in 2025.
Stay updated on Kraken’s plan for a blockchain network:
Here’s How Kraken’s Ink Blockchain Will Work
Read about Liminal’s response to WazirX’s “disinformation campaign”:
Liminal Addresses WazirX’s ‘Ongoing Disinformation’ Campaign
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The Daily: ECB President Lagarde rejects bitcoin for Eurozone reserves while the Czech central bank considers it and more
European Central Bank President Christine Lagarde said bitcoin is not an option as a reserve asset for the Eurozone’s central bank reserves, citing liquidity, security and regulatory concerns.Meanwhile, the Czech National Bank approved a proposal from Governor Aleš Michl to assess diversifying some of its country’s reserves into bitcoin.
'Inevitable collapse': Trump’s crypto push sparks concern at Paul Singer's Elliott Management: FT
The hedge fund said in a new investor letter that the “inevitable collapse” of the crypto bubble “could wreak havoc,” according to the Financial Times.Elliott’s Paul Singer has never been a fan of crypto, telling WSJ in 2023 that cryptocurrencies are “completely lacking in any value.”
Kiyosaki Dumps Gold and Silver, Projects Bitcoin at $250K by 2025
Bulls Eye Reversal as Solana Tests Support After 25% Drop
Trending news
MoreCrypto prices
More
