St. Julian’s – The regulatory framework for so-called “Virtual Financial Assets” (VFA) which is essential from user and company perspective, is challenging but creates security. SoccerCoin is meeting the requirements and is about to enter the market.
Terms such as “Anti-Money Laundering” (AML), “Know-Your-Customer” (KYC) or “Counter Financing of Terrorism” (CFT) are well known in the traditional financial industry. These regulations also apply to issuers of Virtual Financial Assets (VFAs). SoccerCoin, a company developing a blockchain-based ecosystem for sports, has been working specifically on the registration of the SoccerCoin Token and all the requirements associated with it for more than a year now.
“Now we are on our way to the starting grid, although we already have an intensive development path behind us,” says the compliance responsible SoccerCoin COO Jochen Ressel. From the product idea and concept development, to competitive analysis and the definition of the economics of the SoCo Token (the so-called “Tokenomics”) and the entire ecosystem structure, the development of the SoccerCoin platform began 2021 – accompanied by comprehensive compliance requirements.
Jochen Ressel comments: “We deliberately chose to register in an EU-country with the most comprehensive legislation possible. We thus offer all fans who will use SoccerCoin, as well as all sports institutions, the greatest possible legal security.” Asked about the current status of the project, Ressel replies, “The official Whitepaper that will be submitted to the MFSA (Malta Financial Service Authority) for registration is fully developed and signed off by our official VFA Agent Grant Thornton. Prior to submission, the current ongoing system audit – conducted with BDO – must be completed, which will provide certainty to the MDIA (Malta Digital Innovation Authority) that our technological platforms meet the legal security requirements.”
The first versions of the SoccerCoin-NFT platform and the SoCo-Token platform are now fully developed – including all the required audited smart contracts. In conclusion, Jochen Ressel states: “There is still a lot to do on the way to the starting grid, but we are confident that we will be able to successfully complete this process soon, while we are already having many talks with clubs, athletes and sports institutions and are now launching the first NFT campaigns.” www.soccercoin.io
