Blockchain-based Socios.com gets regulatory approval in Italy

August 19 – Fan token specialist Socios.com has secured regulatory approval as a service provider of virtual currencies and digital wallets for its fan engagement and rewards platform in Italy.

Crytocurrency and blockchain technologies operate in largely unregulated markets. In Italy crypto assets are overseen by the Organismo Agenti e Mediatori (OAM), which also regualtes financial agents and credit brokers.

Socios.com said the Italian registration which provide regulatory approval for the technology that underpins Socios.com’s blockchain-based proposition, will support further expansion of the platform in the region.

The company has deals with AC Milan, Inter Milan, Napoli, AS Roma, and Juventus. As well as Serie A. The registration will provide a level of consumer trust in blockchain-based fan engagement, as well as provide critical protections.

Alexandre Dreyfus, CEO of Socios.com, said: “Approval from the OAM is a crucial part of our efforts to protect consumers and continue building our offer in the region. Italy is a very important market for us in which we already have a strong presence. 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.”

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