Chiliz has announced that its SportsFi platform, Socios.com, has received in-principle approval from the Malta Financial Services Authority (MFSA) for a license that will allow it to provide a broad range of digital asset services.
The in-principle approval grants Socios.com a Class 3 Virtual Financial Assets Act (VFAA) license, which will enable the platform to operate as a regulated Virtual Financial Asset (VFA) provider. This milestone, according to Chiliz, will help establish Socios.com as a trusted and compliant player in the blockchain and sports-focused finance space.
Class 3 VFAA License Details
With the Class 3 VFAA license, Socios.com will be permitted to offer virtually all types of VFA services, except operating a VFA exchange. Additionally, the license allows Socios.com to hold or control clients’ assets while providing services, a key function for platforms in the growing digital asset market.
In a statement, Alexandre Dreyfus, CEO of Chiliz and Socios.com, called the approval a “significant milestone” for the company, emphasizing its commitment to regulatory compliance and transparency. Dreyfus said, “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.”
Regulatory Compliance Across Regions
This regulatory approval in Malta aligns with Socios.com’s broader compliance efforts in other regions. The platform has already adhered to financial promotion regulations in the UK, secured virtual asset service provider authorization in Lithuania, and has registered in multiple other jurisdictions, including Spain, Italy, and Indonesia.
Chiliz also noted that its compliance efforts are in line with the upcoming European Union’s Markets in Crypto-Assets Regulation (MiCA), which is set to come into effect in 2025. The new MiCA rules are expected to provide a clearer regulatory framework for crypto services across the EU, and Socios.com is positioning itself to be well-placed to meet those requirements.
Socios.com’s Growth and Malta’s Role
Chiliz, which employs over 100 staff in Malta, believes that the license will support its long-term vision of building a sustainable blockchain ecosystem for sports, integrating digital assets with the world of sports entertainment through its SportsFi platform. The move further strengthens Malta’s position as a key hub for the crypto and blockchain industry, with regulatory clarity helping firms like Chiliz grow and innovate in a compliant environment.
In addition to Chiliz, OKX, a global cryptocurrency exchange, has also chosen Malta as its base for expanding services within the EU, especially with the upcoming MiCA regulations. OKX intends to leverage its existing Class 4 license in Malta to extend its virtual asset services across the European Union.
Overall, Socios.com’s in-principle license approval marks an important step in the platform’s journey to becoming a leading regulated entity in the rapidly evolving Web3 and digital asset landscape.
