Chiliz (CHZ) Gains on EU MiCA License Approval
Chiliz Secures EU MiCA License, CHZ Price Reacts
The blockchain sports platform Chiliz has received regulatory approval under the EU’s Markets in Crypto-Assets (MiCA) framework. This allows its subsidiary, Socios Europe Services (SES), to offer regulated crypto services across all 27 EU member states.
The MiCA license empowers SES to provide key services including:
- Custody and management of digital assets
- Exchange between crypto assets and fiat currency
- Issuance and placement of tokens
- Transfer of crypto assets for customers
Starting October 1, crypto services on the Socios.com platform will transition to SES, ensuring compliance and offering users standardized complaint procedures and updated legal documentation.
MiCA Compliance and Market Impact
The license grants Chiliz access to a market of over 400 million people in Europe, operating under comprehensive regulatory oversight. In tandem with this approval, Chiliz has issued a MiCA-compliant white paper for its native CHZ token, aligning with European Securities and Markets Authority guidelines.
Additional white papers for individual fan tokens are registered with the Malta Financial Services Authority, enhancing transparency and providing detailed information on the structure and risks of each token.
CHZ Price Movement
Following the announcement, CHZ experienced a 3.8% increase over the past 24 hours, climbing from approximately $0.0406 to $0.0420. Despite a decline in trading volume, consistent buying pressure sustained the upward momentum throughout the Asian and European trading sessions.