The action coincides with Chiliz’s dedication to adhering to regulatory requirements in Europe.
The Malta Financial Services Authority (MFSA) granted the company in-principal sanction on Friday. The authorization would enable Socios.com to function as a crypto service provider in Malta. This would grant Socios.com the credibility necessary to function as a trusted party, as Chilliz observed.
Socios.com offers a supporter engagement service that enables individuals to establish a connection with their preferred sports team by acquiring tokens or additional items that are associated with the team. The Chilliz-owned platform has established partnerships with numerous football teams in Europe thus far.
Chilliz would be able to broaden its product line by relocating to Malta. Alexandre Dreyfus, the CEO of Chiliz and Socios.com, characterized the regulatory victory as a significant milestone for the company.
Dreyfus stated, “It serves as confirmation of our dedication to regulatory compliance and transparency in the swiftly changing blockchain industry. We acknowledge that the most stringent regulations and transparency are necessary to establish trust with all stakeholders in our ecosystem, as pioneers in the SportFi sector.”
Dreyfus stated, “We are enthusiastic about the prospect of continuing to advance innovation in Web3, athletics, and entertainment while maintaining the highest regulatory standards as a result of this important step.” Chiliz has approximately one hundred employees in Malta. The company’s primary objective is to establish a robust athletics ecosystem in the nation.
This action also reflects Chiliz’s dedication to adhering to regulatory requirements in Europe. Multiple regions, including Lithuania, have granted regulatory sanction to the sports-oriented organisation. Additionally, Chiliz has established operations in Indonesia, Italy, and Spain.
The company has stated that these regulatory measures are part of its efforts to comply with the Market in Crypto Assets (MiCA) rule, which is scheduled to take effect in 2025.
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