Chiliz’s Socios.com Gains Key Regulatory Approval in Malta for Digital Asset Services

The Malta Financial Services Authority (MFSA) recently approved an in-principle license for Chiliz’s SportsFi platform, Socios.com, marking a significant milestone. As Socios.com continues to grow within the virtual financial assets industry, this approval enables it to provide regulated digital asset services.

Socios.com is now able to function as a regulated virtual financial asset (VFA) provider after receiving a Class 3 Virtual Financial Assets Act (VFAA) license from the MFSA. Socios.com is able to provide VFA services while keeping or managing clients’ assets throughout transactions thanks to this particular license. Nevertheless, running a VFA exchange is not permitted by the license. Chiliz stressed that, especially as digital assets come under more scrutiny, this accreditation is essential to establishing the platform as reliable and compliant.

Building Trust Through Compliance and Transparency

In response to the announcement, Alexandre Dreyfus, CEO of Chiliz and Socios.com, highlighted the company’s focus on regulatory alignment as it scales in the blockchain arena. “It validates our commitment to regulatory compliance and transparency in the rapidly evolving blockchain space,” said Dreyfus. “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.”

This milestone is part of Socios.com’s broader regulatory compliance strategy. Beyond Malta, the platform is working to adhere to financial promotion standards in the United Kingdom and has gained virtual asset provider authorization in Lithuania. The company has also achieved regulatory recognition in several other regions, including Indonesia, Spain, and Italy.

Chiliz’s efforts are timely, aligning with the impending European Union’s Markets in Crypto-Assets Regulation (MiCA), anticipated in 2025. These regulations aim to provide a standardized framework across the EU for digital asset operations, which Chiliz hopes to meet or exceed with its current compliance strategies.

Employing over 100 people in Malta, Chiliz aims to build a sustainable blockchain ecosystem that brings together sports and digital assets. With this latest license approval, Socios.com solidifies its role as a leader in regulated blockchain services within the sports sector, enhancing its position to drive growth in the SportFi ecosystem.