So far, there have been no legal issues with Chiliz, and fan tokens have been created in partnership with sports teams. However, Chiliz does note in their terms and conditions that if it is determined that owning, acquiring or transferring Chiliz constitutes a regulated instrument that is required to be licensed or registered, it could negatively impact Chiliz and the Socios platform. So, to summarise, it is still a grey area where regulation is yet to catch up.