As a seasoned researcher and enthusiast of blockchain technology, I find it immensely encouraging to witness the steady progression of regulatory compliance within the crypto space, particularly in jurisdictions like Malta. Having closely followed the evolution of the digital asset market, I’ve seen firsthand the challenges that arise when operating in a regulatory grey area.
Chiliz Group’s blockchain fan token and engagement platform, Socios.com, received legal permission to operate in Malta, following approval from the Malta Financial Services Authority (MFSA), as stated in an official announcement on Friday.
Under this license, Socios.com has been officially classified as a regulated provider of Virtual Financial Assets (VFAs) according to the nation’s Class 3 Virtual Financial Assets Act (VFAA). This authorization empowers Socios.com to offer various services, including the placement of VFAs, in a secure and compliant manner.
Class 3 License Holders Not Allowed to Offer Crypto Trading Services
In the country of Malta, individuals holding a Class 3 license do not have the authorization to act as digital asset service providers according to the Financial Services Authority’s (FSA) regulations for Virtual Financial Assets (VFA).
As stated on the regulatory site, those with a license are authorized to offer various Virtual Financial Asset (VFA) services such as custody, yet they are not permitted to manage a VFA exchange.
In spite of any limitations, Socios.com has made a name for itself by linking soccer enthusiasts worldwide with their preferred football teams like Paris Saint-Germain (PSG), Manchester City, and FC Barcelona, using special fan tokens since its inception.
To date, our company has made its mark in nations such as the United Kingdom, Lithuania, Indonesia, Spain, and Italy. Similarly to Malta, our fan engagement firm collaborated with financial authorities prior to commencing operations within each of these respective markets.
As a analyst, I ensure that, when operating within the UK, Socios.com abides by the stringent regulatory structure set forth by the Financial Conduct Authority (FCA), which governs businesses dealing with or promoting cryptographic products.
Building a Sustainable Blockchain Ecosystem
According to Alexandre Dreyfus, CEO of Chiliz and Socios.com, receiving a VFA (Virtual Financial Asset) license is yet another proof of their diligent efforts towards compliance. This demonstrates the company’s dedication to upholding market rules and regulations.
This reinforces our dedication to adhering to regulatory guidelines and maintaining openness in the fast-paced world of blockchain technology. As leaders in SportFi, we understand that stringent regulations and transparent practices are essential for earning the trust of everyone within our community,” he explained.
Chiliz announced that their preliminary acceptance mirrors their commitment towards creating a reliable and eco-friendly blockchain platform for sports and amusement, which is a testament to their dedication. Currently, the company boasts over 100 staff members stationed in Malta.
Not the First
Simultaneously, Chiliz’s Socios.com isn’t the only cryptocurrency firm venturing into this country. In fact, Kraken, a prominent global platform for digital asset trading, has chosen this nation as its European Headquarters in anticipation of the MiCA regulation set to take effect next year.
The exchange was awarded the Class 4 license, which allows holders to offer crypto trading services to users who want to explore the market. Both Kraken and Chiliz recognized the country’s robust regulatory framework, which they said is on par with the upcoming MiCA rules.
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2024-10-25 16:06