Socios.com Secures In-Principle Regulatory Approval From Malta Financial Services Authority

Sociois.com, a blockchain-based sports platform operated by the Chilliz Group, has secured a new regulatory win. The company, on Friday, announced

Sociois.com, a blockchain-based sports platform operated by the Chilliz Group, has announced that it has received an in-principle approval from the Malta Financial Services Authority (MFSA) to operate as a crypto service provider in the country.

The approval will allow Socios.com to provide its services in Malta, which is a key market for the company. 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.

The move to Malta will also 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.

“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.”

“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, and the company is focused on building a good sports ecosystem in the country.

The approval is also a testament to Chiliz's commitment to regulatory compliance in 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.

These regulatory steps are part of Chiliz's efforts to comply with the Market in Crypto Assets (MiCA) rule, which is set to be effective in 2025, according to the company.