The Virtual Asset Services Provider registration for Socios.com by the Bank of Spain follows their approval by Italy’s Organismo Agenti e Mediatori (OAM) in August.
MARCH 30, 2023: Sports blockchain Chiliz, announced that its fan voting and rewards app Socios.com, has been granted registration as a Virtual Asset Services Provider (VASP) by the Bank of Spain. This registration will allow Socios.com to offer crypto asset exchange services in Spain in compliance with the requirements of its central bank’s anti-money laundering and counter-terrorist financing (AML/CTF) rules. The registration is effective starting March 21st, 2023.
The Bank of Spain, through the Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offenses, oversees and ensures compliance with AML and CTF rules for VASPs offering exchange services for euros or other currencies for crypto assets.
Socios.com is an approved service provider of Virtual Currencies and Digital Wallets in Italy
This milestone follows the regulatory approval secured recently in Italy. In August, Socios.com was granted status as an approved service provider of virtual currencies and digital wallets by the Organismo Agenti e Mediatori (OAM), which further attests to Socios.com commitment to the robust and thorough AML and CTF controls.
Spain is a key market for Socios where the company has already built a strong presence. Partners include leading football clubs FC Barcelona, Atlético de Madrid, Valencia CF, Sevilla FC, Real Sociedad and Levante UD as well as LaLiga. Socios.com opened its Spanish headquarters in June 2021. Today, a growing team of over 50 employees are based in their Madrid offices, which are instrumental in Socios.com’s partnership activation strategy.
The Spanish registration should cement consumer trust in the new, fast-paced and growing market of blockchain-based fan engagement, also bringing in critical protections which enhances the Socios platform for its community and wider set of stakeholders.
Alexandre Dreyfus, CEO of Socios.com, said: “Approval from the Bank of Spain is a crucial part of our efforts to protect consumers and continue building our offer in the region. Spain is a very important market for us in which we already have a strong presence. We are committed to building lasting growth throughout the region and will continue working with regulators to guarantee legitimacy and trust for our customers.”
Created by Chiliz, the Sports Blockchain, the Socios platform is designed to allow sports clubs to reward their fans for engaging and supporting the team. Socios.com’s Fan Tokens, which users can buy and sell directly on the app, provide holders around the world with an array of rewards; new opportunities for engagement through polls; enhanced access to the club they support and its players; and a community where they can build networks with other fans.
Image: Socios.com
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