As a seasoned crypto investor with a knack for spotting promising opportunities, I find the recent news about Chiliz and Socios.com particularly exciting. Having navigated through the volatile and complex world of digital assets, I can appreciate the significance of regulatory compliance and transparency in this space.
Chiliz has shared that their SportsFi platform, Socios.com, has been granted preliminary authorization by the Malta Financial Services Authority (MFSA) for a permit enabling them to offer digital asset services.
Based on Chiliz’s statement, Socios.com has received preliminary approval for a Class 3 Virtual Financial Assets Act (VFAA) license. This means Socios.com can function as a licensed provider of virtual financial assets (VFAs), which Chiliz believes will enhance its reputation as a reliable and compliant platform.
Based on the Malta Financial Services Authority’s (MFSA) Virtual Financial Assets Rulebook for providers of VFA services, Class 3 VFAA licensees are allowed to offer any type of VFA service, but they are not authorized to run a VFA exchange. This license additionally grants them the ability to manage or keep clients’ assets during the course of their services.
A “significant milestone” for Socios.com
In a press release, Alexandre Dreyfus, the CEO of Chiliz and Socios.com, said that the in-principle approval is a “significant milestone for the Chiliz Group.” Dreyfus explained:
“It validates our commitment to regulatory compliance and transparency in the rapidly evolving blockchain space. 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.”
The recent approval supports the platform’s continuous commitment to regulatory compliance across various geographic areas. Socios.com assures adherence to financial promotion rules in the United Kingdom, holds a license as a Virtual Asset Service Provider in Lithuania, and has registered in countries such as Indonesia, Spain, and Italy.
Chiliz emphasized that these compliance measures are in line with the anticipated European Union’s Digital Asset Markets Regulation (MiCA), expected to be implemented by 2025. The company, boasting over 100 employees in Malta, believes that obtaining this license will aid its endeavor to establish a long-term, eco-friendly blockchain platform tailored for sports.
OKX selects Malta as MiCA hub
Apart from Chiliz, cryptocurrency exchange OKX has also opted for Malta as its base for MiCA compliance. The exchange intends to utilize its existing Class 4 license and resources to broaden its cryptocurrency offerings within the European Union.
As a researcher studying Maltese regulations, I’d like to highlight that individuals holding a Class 4 license in Malta have the authority to offer various Virtual Financial Asset (VFA) services. This includes managing or possessing clients’ digital assets as part of their VFA service provision.
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2024-10-25 13:23