This license will expand Socios.com’s authority to offer digital asset services, allowing clients to hold or control their assets. Chiliz considered this development as an important step to strengthen the platform’s position as a reliable and compliant virtual financial asset (VFA) provider.

Socios.com’s licensing was possible within the framework of the rules set by the MFSA for VFA service providers. Although Class 3 VFAA licensees are authorized to provide all types of VFA services, they do not have the right to operate a VFA exchange.

However, this license allows Socios.com to hold and control customers’ assets during the services it provides. This stands out as an important step taken to increase the user security of the platform and ensure transparency.

Chiliz CEO Alexandre Dreyfus said the approval in principle was “an important milestone for the Chiliz Group.” Dreyfus emphasized that this development confirms their commitment to regulatory compliance and transparency in the blockchain space.

He also stated, “As pioneers in the SportFi industry, we recognize that the highest standards of regulation and transparency are required.” These statements by Dreyfus reflect Socios.com’s and Chiliz’s efforts to ensure the highest standards in the industry.

The approval in principle obtained by Socios.com is considered as part of the platform’s adaptation efforts in different regions.

The company complies with financial promotion regulations in the United Kingdom, has a virtual asset service provider authorization from Lithuania, and is registered in jurisdictions such as Indonesia, Spain and Italy.

These harmonization efforts are progressing within the framework of the European Union’s Markets in Crypto Assets Regulation (MiCA), which is planned to come into force in 2025.

Chiliz’s presence in Malta creates a large ecosystem with over 100 employees. The company’s mission is to build a sustainable blockchain ecosystem in sports. In line with this goal, OKX, a Class 4 licensed crypto exchange in Malta, plans to expand its crypto services in the European Union using its existing infrastructure.

Obtaining Chiliz’s Class 3 VFAA license reinforces the platform’s efforts to become a reliable player in the sports financing space.

At the same time, this license will allow users to hold and manage their digital assets in a secure environment, thereby improving the quality of service as part of Chiliz and Socios.com’s growth strategies.

This license obtained by Socios.com is a turning point not only for Chiliz but also for other platforms offering sports-focused digital asset services.

The license stands out as an important step taken to increase user security and ensure regulatory compliance in the industry.