It will be hard to get approval for that to launch (at least from the US). In order to be tracked to ensure the safety of future launches objects need to be much larger than a single chip. Smaller than that the tracking techniques used have trouble tracking the vehicles.
Huh, that's interesting, can you elaborate?
What are the minimum size requirements? Are they multidimensional?
I think they want things to be at least 10cm in all dimensions I don't have original sources though it was a while ago. Found this article.