A Class 3 VFAA license would allow Socios.com to provide any digital asset service and hold or control clients’ assets as they provide a virtual financial asset service.
Chiliz has announced that its SportsFi platform Socios.com received in-principle approval from the Malta Financial Services Authority (MFSA) for a license allowing it to provide digital asset services.
According to Chiliz, the in-principle approval grants Socios.com a Class 3 Virtual Financial Assets Act (VFAA) license. The project said this would allow Socios.com to operate as a regulated virtual financial asset (VFA) provider, which Chiliz says will help establish it as a trusted and compliant platform.
Class 3 license holders limitations. Source: MFSA
