Chiliz’s Socios.com Secures Malta License, Strengthening Compliance in SportsFi Sector
Chiliz has announced that its SportsFi platform, Socios.com, has received preliminary approval from the Malta Financial Services Authority (MFSA) for a Class 3 Virtual Financial Assets Act (VFAA) license, allowing it to provide digital asset services.
This license enables Socios.com to operate as a regulated virtual financial asset provider, enhancing its reputation for compliance and trustworthiness in the industry.
According to the MFSA’s regulations, Class 3 VFAA license holders can offer various virtual financial asset services but cannot operate a VFA exchange. Alexandre Dreyfus, CEO of Chiliz and Socios.com, described the approval as a significant milestone, highlighting the company’s commitment to regulatory compliance and transparency.
This approval supports Socios.com’s ongoing compliance efforts across regions, including adherence to UK financial promotion regulations and securing authorizations in Lithuania, Indonesia, Spain, and Italy. Chiliz’s initiatives align with the upcoming European Union’s Markets in Crypto-Assets Regulation (MiCA), set to take effect in 2025.
READ MORE: Denmark Plans Tax on Unrealized Crypto Gains
In related news, crypto exchange OKX has also selected Malta as its MiCA hub, planning to leverage its Class 4 license and infrastructure to expand its crypto services within the EU. Class 4 license holders in Malta can provide any virtual financial asset service and manage or hold customer assets.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
