As the business year is coming to an end, it’s once again time to wish you happy holidays and to revisit our year 2023 at SoccerCoin.
The year was characterized by our aim to become one of the first fully MiCA compliant businesses in Europe. MiCA was part of the digital finance package of the European Commission in 2020 and came into effect in July 2023. The way forward was clear: establish a solid legal foundation for our business and ensure continuous operability. For this reason it was essential for us to attain a MiCA license at the earliest possible date. This was an investment into the long-term success of SoccerCoin and would enable a steady execution of our vision.
We were quick to realize that the extensive and detailed requirements of the MiCA audit pose significant difficulties for smaller teams. However, we welcome the new regulations and strongly believe that they will be an advantage to our investors in the long-term. Stronger regulation means better protection for customers and investors, as well as a chance for European companies to become bigger players on the international market. In the digital finance market the MiCA license represents a quality seal differentiating serious projects from cheap “cash grabs”.
What was required for the license:
A reputable, qualified management team.
The fit-and-proper tests involve detailed checks of the professional and personal suitability of the board members as company heads. The Board members’ specialist knowledge is examined, as well as their character, leadership qualities, ethical/business integrity, and decision-making skills.
An infrastructure that prioritizes information security and data protection.
Penetration tests are simulated cyberattacks on a company’s servers to look for security breaches. We executed a row of successful penetration tests to show that our platform provides a secure ecosystem where users can safely enter their data. SoccerCoin also has its own CISO (Chief Information Security Officer) who observes all IT security-related matters and a DPO who is responsible for data protection matters, both ensuring full compliance.
A solid whitepaper
The whitepaper includes detailed explanations of the technology behind the SoccerCoin ecosystem and information on our obligations as a business. As MiCA has strict requirements for whitepapers, the audit process required us to produce an extended version of ours.
We have now processed all controls and the BDO has confirmed in their report that we comply with all specifications. Their report and our whitepaper have been submitted to Grant Thornton, and we are in the process of answering final enquiries. In short succession we are expecting the license, which will then allow us to carry out the token generation event.
New team composition
In spring 2023 the SoccerCoin team was restructured at all levels, from accounting to marketing to the executive team.
The executive team now consists of:
Andreas Heigl, CEO
Mag. Maysa Kopp, CLO
Berkant Koelem, CTO
Mag. Martin Melkowitsch, independent and non-operational director
The team possesses valuable competencies that have made the completion of the audit process possible. Due to the complexity of the MiCA licensing process (a process that is similar in difficulty to a traditional banking license), a very specific skillset was required to successfully complete all control requirements. Only a few months after our restructuring, we made major advances in the audit process, and as of now all controls have been completed.
While we are waiting for the authority to issue the license, preparations for our further journey are already underway. The first step after obtaining the license will be the token generation event. This is a technical action where tokens are generated in the blockchain-based network and subsequently offered to the public. The timing of the ICO should depend on the current state of the crypto market. The cold crypto winter is not quite over yet but there are indications that increased regulation can contribute to more stable rates. The market is in a transition phase, and we are doing whatever we can to ensure that SoccerCoin is one step ahead. As such, we will soon be one of the first businesses in Europe that is fully MiCA-regulated.
Following our NFT collaboration with a renowned sports club, it came to our attention that the MetaMask wallet is not an optimal solution for the sports world. After many error messages, reinstallations, and much confusion from the fans, we decided to develop our own, simplified wallet. The SoccerCoin wallet will be available as a browser extension for Chrome and as a mobile app for iOS and Android. The simultaneous use of the unique seed phrase on different devices (app & browser extension) allows for synchronized use. The wallet makes easy sending and receiving, as well as secure storage of NFTs and SoccerCoins possible.
NFT Platform & Token Launch Platform
The NFT Platform is already in use and in 2023 it was developed further to provide an optimized user experience. The Token Launch Platform is also ready for deployment once the authority issues the MiCA license.
We have also made preparations in other areas to clear the path to token launch. During the ICO SoccerCoin will receive support from an external crypto marketing company which has already launched and marketed a number of coins successfully. A major marketing campaign has been prepared and we are looking forward to executing it in the coming weeks. Additionally, we have prepared a number of collaborations with clubs and other sports organizations, which will be announced during the ICO.
To conclude, we wanted to thank you again for your trust and support during this time. We remain with a meme that describes the situation particularly well.
The SoccerCoin team wishes you a happy celebration and a good start into the new year!
Your SoccerCoin Team