- Socios.com receives in-principle approval for a Class 3 VFAA license from Malta’s MFSA.
- The license enhances Socios.com’s regulatory compliance in digital asset services for SportsFi.
- Chiliz aligns licensing with upcoming EU Markets in Crypto-Assets Regulation (MiCA) standards.
Chiliz’s SportsFi platform, Socios.com, has received in-principle approval for a Class 3 Virtual Financial Assets Act (VFAA) license from the Malta Financial Services Authority (MFSA), positioning the platform to provide regulated digital asset services. This approval allows Socios.com to act as a virtual financial asset provider, though it will not operate a VFA exchange. According to Chiliz, this step helps establish Socios.com as a secure and compliant platform in the SportsFi sector.
Source: Socios.com
Advancing Compliance in Digital Asset Services
Class 3 license holders in Malta, while permitted to provide a range of VFA services, cannot operate VFA exchanges. The license grants them the ability to control client assets in the course of service, reinforcing their role as secure custodians. Chiliz CEO Alexandre Dreyfus highlighted the significance of this milestone, stating that it underscores the platform’s dedication to regulatory standards and trust-building with stakeholders across the blockchain and sports ecosystems.
The move aligns with broader efforts by Socios.com to maintain compliance in multiple regions, including authorizations in Lithuania and adherence to promotion regulations in the UK. With offices employing over 100 staff in Malta, Chiliz views this license as key to building a sustainable blockchain network for sports, anticipating the implementation of the European Union’s Markets in Crypto-Assets Regulation (MiCA) in 2025.
Malta’s Role as a Compliance Hub for Crypto Assets
Malta has become an attractive base for companies navigating regulatory compliance, as seen with crypto exchange OKX, which also chose Malta as its MiCA hub. OKX, holding a Class 4 license, plans to extend its digital asset services across the EU, leveraging Malta’s regulatory framework as the region prepares for MiCA’s roll-out.
