- 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.
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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.
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