Wednesday, February 19, 2025

Chiliz’s Socios.com Secures In-Principle Approval from Malta Financial Services Authority

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KEY TAKEAWAYS

  • Chiliz Group’s Socios.com platform secures in-principle approval from the Malta Financial Services Authority for a class 3 VFAA licence.
  • This approval allows Socios.com to operate as a regulated Virtual Financial Asset service provider, enhancing trust and compliance in fan engagement.
  • Malta’s regulatory framework aligns with the upcoming MiCA regulation, facilitating seamless service passporting across the EU.
  • Chiliz Group’s commitment to regulatory compliance is evident through its adherence to various international financial regulations.

Malta, 25 Oct 2024: Chiliz Group, a leader in blockchain technology for sports and entertainment, has announced that its flagship platform, Socios.com, has received in-principle approval from the Malta Financial Services Authority (MFSA). This approval marks a significant step in Chiliz Group’s commitment to regulatory compliance and its pioneering efforts in blockchain-based fan engagement.

The MFSA’s in-principle approval is for a class 3 Virtual Financial Assets Act (VFAA) licence, allowing Socios.com to operate as a regulated Virtual Financial Asset service provider. This enables the platform to engage in the placement of virtual financial assets, positioning it as a trusted and compliant platform for sports fans. Through Socios.com, fans can connect with their favorite teams, such as PSG, Manchester City, and FC Barcelona, via Fan Tokens.

Malta has been proactive in fintech regulation since 2019, fostering safe and responsible growth in the sector. Its regulatory framework is aligned with the upcoming Markets in Crypto-Assets (MiCA) regulation, facilitating a seamless transition for existing VFA service providers. Once transitioned under MiCA, these providers can passport their services across the European Union.

This approval builds on Socios.com’s existing compliance efforts in various regions. The platform adheres to financial promotions regulations in the UK, holds a VASP authorization in Lithuania, and maintains registrations in Indonesia, Spain, and Italy. This commitment aligns with the upcoming 2025 MiCA regulation and underscores Chiliz Group’s dedication to a sustainable blockchain ecosystem for sports and entertainment, supported by over 100 employees in Malta.

Chiliz Group was assisted by WH Partners during the approval process. Alexandre Dreyfus, CEO of Chiliz and Socios.com, commented, “This in-principle approval from the MFSA is a significant milestone for the Chiliz Group, specifically our Socios.com platform. It validates our commitment to regulatory compliance and transparency in the rapidly evolving blockchain space. As pioneers in the SportFi sector, we recognize that the highest standards of regulation and transparency are required to build trust with all stakeholders in our ecosystem.”

The full announcement can be read here.


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Neel Kapoor
Neel Kapoor
Neel Kapoor is a dedicated cryptocurrency enthusiast and blockchain expert at Coinsholder.com. With over a decade of experience, Neel offers insightful analysis and commentary on the latest trends and innovations in the crypto space. His clear and concise writing makes complex topics accessible to all readers.

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