Chiliz has announced that its sports-centric blockchain 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).
This license will allow Socios.com to offer digital asset services, including holding and controlling client assets, while functioning as a regulated provider of virtual financial assets (VFAs) in Malta. Notably, under Malta’s VFAA regulations, a Class 3 license allows Socios.com to provide VFA services but does not permit it to operate a VFA exchange.
Alexandre Dreyfus, CEO of Chiliz and Socios.com, called the approval a “significant milestone” that highlights Chiliz’s commitment to compliance, transparency, and regulatory standards within the SportFi sector.
This regulatory approval in Malta adds to Socios.com’s compliance initiatives across various regions. Alongside the Maltese license, Socios.com holds virtual asset service provider authorization in Lithuania, and is registered in Indonesia, Spain, and Italy. The company noted that its efforts would help to build a compliant, sustainable blockchain ecosystem for sports.
Socios.com’s regulatory progress in Malta is part of a bigger trend, as other platforms, including OKX, are choosing the country to strengthen their European operations. OKX has selected Malta as its hub for Markets in Crypto-Assets Regulation (MiCA) compliance and plans to leverage its existing Class 4 VFAA license to expand services across the European Union.
Meanwhile, in line with its efforts to expand its footprints in the blockchain space, Chiliz Chain partnered with South Korean tech giant Naver to launch its first crypto wallet, Naver Pay Wallet. The company noted the integration of Chiliz’s sports-focused blockchain with Naver’s wallet reflects a growing synergy between technology and blockchain. It claimed the partnership would amplify its reach, as Naver’s large user base may boost visibility and engagement with Socios.com’s offerings in sports and crypto.
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