Socios.com, Chiliz’s fan engagement and rewards app, has secured in-principle approval from the Malta Financial Services Authority (MFSA) for a Class 3 Virtual Financial Assets Act (VFAA) license.
The approval allows Socios.com to operate as a regulated virtual financial asset provider. Specifically, the Class 3 VFAA license permits Socios.com to offer a range of digital asset services, though it cannot operate as a VFA exchange.
According to Alexandre Dreyfus, CEO of Chiliz and Socios.com, “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.”
Socios.com has been expanding its compliance footprint across multiple regions. It now adheres to financial promotion regulations in the UK, holds virtual asset service authorization in Lithuania, and is registered in countries including Indonesia, Spain, and Italy.
Chiliz employs over 100 staff in Malta and plans to leverage this license to support a blockchain ecosystem for sports.
The company’s SportFi ecosystem has onboarded 25 key partnerships with projects such as Blockasset, FanFest, LiveLike, Football at AlphaVerse, TopGoal Footballcraft, and Lillius. Chiliz also collaborated on the One Shirt Pledge with the sports charity Common Goal, using blockchain for philanthropy by auctioning athletes’ match-worn shirts authenticated on Chiliz Chain.
Chiliz’s ventures included the launch of a $50M Chiliz Labs incubator and accelerator program to promote early-stage blockchain projects in sports. Furthermore, the company acquired a 20% stake in MatchWornShirt, to support the authenticity of sports collectibles through blockchain technology.
Socios.com also reported a 30% increase in users across 160 countries and onboarded major clubs, including Tottenham Hotspur from the English Premier League. The app introduced features like Locker Room, which lets fans obtain unique digital collectibles, and conducted over 3,000 Fan Polls, involving fans in decisions ranging from kit designs to squad numbers. Additionally, 50,000 fans were rewarded with signed merchandise, match tickets, and VIP experiences.
Chiliz Chain alone recorded over 3 million transactions, contributing to Chiliz’s total revenue generation of $437 million for the sports industry to date.
Chiliz’s move to secure regulatory approval in Malta mirrors similar efforts by major players in the crypto sector. For example, crypto exchange OKX has also designated Malta as its MiCA hub, using its Class 4 license to broaden its offerings across the European Union.