Fan token platform Socios.com on Thursday said it has gained regulatory approval in Italy as a service provider of virtual currencies and digital wallets. It will enable the firm to further boost its fan engagement and rewards platform in the key market.
The move ahead of the UEFA Champions League’s group stage marks a key development for the fans and the firm. The Chiliz (CHZ) price continues to jump higher amid key developments by Socios.com. The CHZ price has skyrocketed nearly 50% in a week and 120% in a month.
Fan token platform Socios.com, in an official announcement on August 18, revealed that it has secured regulatory approval from Italy’s financial regulator Organismo Agenti e Mediatori. The license enables Socios.com to provide virtual currencies and digital wallets for its fan engagement and rewards platform in the key market.
The regulatory approval will help Socios.com to further boost its fan engagement platform and fan tokens in the region. In fact, Socios.com is the official fan engagement and rewards partner for Italy’s national football team. The registration will also support the launch of the $ITA fan token for the Italy national football team.
In fact, Italy is also a key market for the fan token platform as it already has a strong presence in the country. Leading football clubs including AC Milan, Inter Milan, Napoli, AS Roma, Juventus, and the football league Serie A are partners of Socios.com.
Organismo Agenti e Mediatori’s (OAM) license will establish consumer trust, critical consumer protections, and stakeholder relations in the fan engagement platform and fan tokens.
Alexandre Dreyfus, CEO of Socios.com, believes the approval is critical for consumer protection and building fan engagement in the region.
“We are committed to building lasting growth in the region and will continue working with regulators to guarantee legitimacy and trust for our Italian customers.”
Chiliz, the digital currency for Socios.com, continues to rise higher amid the latest developments. Socios.com has over 100 partners in football, with over 1.5 million fans from over 160 countries.
The Chiliz (CHZ) price has skyrocketed nearly 50% in a week and 120% in a month. Currently, the price is trading at $0.21, with expectations of rising over $0.40 amid the UEFA Champions League.
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