Sociois.com, a blockchain-based sports platform operated by the Chilliz Group, has secured a new regulatory win.
The company, on Friday, announced that it has received an in-principle approval from the Malta Financial Services Authority (MFSA) .
The approval would allow Socios.com to operate as a crypto service provider in Malta. Chilliz noted that this would provide Socios.com with the credibility it needs to operate as a trusted party.
Socios.com provides a fan engagement service, allowing anyone to connect with their favorite sports team by owning tokens or other relics associated with the team. So far, the Chilliz-owned platform has successfully partnered with multiple football teams within Europe.
https://t.co/NrYy7Mrv99 platform secures in-principle regulatory approval from Malta Financial Services Authority. 🤝 https://t.co/zME1nrMfSX pic.twitter.com/hDPFwrA2JB
— Chiliz – The Sports Blockchain ⚽🏆 (@Chiliz) October 25, 2024
The move to Malta would help Chilliz expand its offering. Alexandre Dreyfus, the CEO of Chiliz and Socios.com, described the regulatory win as a significant milestone for the company.
Dreyfus said , “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.”
“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 added. Chiliz already has around 100 employees in Malta. The company focuses on building a good sports ecosystem in the country.
Boom. @chiliz group owned @socios secured in-principle regulatory approval by MFSA (Malta), leading the way for MiCA regulations next year. https://t.co/IYFS48HjlS
— Alexandre Dreyfus 🇹🇷 (@alex_dreyfus) October 25, 2024
Commitment to compliance
The move also mirrors Chiliz’s commitment to complying with regulatory demands within Europe. The sports-focused company has secured regulatory approval in multiple regions, including Lithuania. Chiliz has also registered its operations in Spain, Italy, and Indonesia.
According to the company, these regulatory steps are part of its efforts to comply with the Market in Crypto Assets (MiCA) rule, which is set to be effective in 2025.
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