Chiliz, a well-known cryptocurrency project, has received approval to provide regulated services under the Crypto Asset Markets (MiCA) framework across 27 EU countries. This development is expected to stimulate growth for both Chiliz and other altcoins.
MiCA Approval for Chiliz
Socios, a subsidiary of Chiliz, announced that it has received authorization from the Malta Financial Services Authority (MFSA) to offer crypto asset services. This provides access to official fan tokens for over 400 million fans in the EU, enhancing Socios' competitive position in the market.
Impact on Sports Tokens
Interest in SportFi tokens has dwindled since 2021, but MiCA approval positions Chiliz as the first approved provider in the region. This offers greater transparency and trust in the project among users and partners. Alex Dreyfus, CEO and Founder of Chiliz, remarked, "Obtaining full MiCA authorization places us at the forefront of regulated Web3 innovation in sports and entertainment."
CHZ Price Analysis
The price of CHZ has remained below the critical $0.06 mark for 207 days. Investors are anticipating a surge in interest for altcoins in the upcoming last quarter of the year. The lack of previous enthusiasm surrounding SportFi in 2021 also affects the market. Nevertheless, Chiliz remains a leader in its niche, allowing for hopeful prospects.
The MiCA approval is a significant milestone for Chiliz, opening new horizons in the cryptocurrency market. The project team continues striving to create an innovative and secure infrastructure for its users.
