KEY TAKEAWAYS
- Socios Europe Services Limited (SES) has received MiCA Pre-Authorisation from the Malta Financial Services Authority, marking a key step towards becoming a fully MiCA-authorised entity.
- SES plans to expand its regulated crypto services across EEA member states, ensuring compliance with MiCA regulations.
- The Chiliz Group emphasizes its commitment to regulatory compliance, having secured authorisations in multiple jurisdictions, facilitating a smooth transition into MiCA.
- CEO Alex Dreyfus highlights MiCA’s role in providing regulatory clarity and consumer protections, which are expected to boost mainstream adoption in Europe.
Socios Europe Services Limited (SES), a part of the Chiliz Group, has received Markets in Crypto-Assets Regulation (MiCA) Pre-Authorisation from the Malta Financial Services Authority (MFSA). This development confirms SES’s eligibility to be authorised as a Crypto-Asset Service Provider under the European Union’s MiCA Regulation.
This pre-authorisation marks a significant milestone for SES in its journey to becoming a fully MiCA-authorised entity. The company emphasizes its commitment to compliance, transparency, and consumer protection. The full license will be granted upon completion of the remaining pre-authorisation requirements, which SES expects to fulfill shortly.
Expansion Plans Across EEA Member States
Once fully authorised, SES plans to extend its regulated crypto services across European Economic Area (EEA) member states from its base in Malta. Additionally, operations of the Socios.com platform, currently managed by Socios Services Baltics UAB, will transition to Socios Europe Services Limited. This shift will ensure that all crypto asset services comply with MiCA authorisation.
The forthcoming MiCA licence will encompass services such as custody and administration of crypto-assets, exchange of crypto-assets for funds, placement of crypto-assets, and transfer services on behalf of clients. These regulated services will be distinctly separate from non-MiCA offerings like fan engagement polls and loyalty programmes.
Commitment to Regulatory Compliance
The Chiliz Group has a history of regulatory compliance, having secured authorisations and registrations in various jurisdictions. Recently, SES was authorised by the MFSA under the Virtual Financial Assets Act, building on previous registrations in Spain, Italy, and Lithuania. This proactive approach highlights the company’s dedication to operating within regulatory frameworks, facilitating a smooth transition into MiCA.
Alex Dreyfus, CEO and Founder of Chiliz, commented on the pre-authorisation, stating, “MiCA brings the regulatory clarity and consumer protections that will accelerate mainstream adoption across Europe. Our community deserves the highest standards of security and transparency.”
Further details regarding the licence scope and client protections will be made available once full authorisation is obtained. More information can be found here.
Why This Matters: Impact, Industry Trends & Expert Insights
Socios Europe Services Limited has received MiCA pre-authorisation from the MFSA, marking a crucial step towards becoming a fully authorised Crypto-Asset Service Provider in the EU under the MiCA regulation.
According to a recent report, MiCA regulation has significantly influenced crypto adoption by establishing a transparent, standardized, and consumer-protective framework across the EU. This regulatory clarity encourages innovation within defined legal boundaries, which aligns with Socios Europe Services Limited’s strategic move to secure MiCA pre-authorisation and expand its services across the EEA.
As per insights from industry experts, MiCA enhances regulatory clarity and investor protection while imposing compliance costs and complexities. This supports Socios Europe Services Limited’s commitment to compliance and transparency as it transitions its operations to align with MiCA requirements, thus reinforcing its market position and consumer trust.
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