Facebook’s Libra turns to Switzerland FINMA for payment system regulation
|- The Libra Association is discussions with the Swiss FINMA for the regulation of its open-source blockchain network.
- Libra must adhere to the highest standards to ensure that money laundering is shunned.
Libra is turning to jurisdictions where it is likely to face less regulatory resistance in the quest to see its crypto project Libra in the market. According to Reuters Libra is reportedly seeking a payment system license regulated by FINMA, the Swiss financial regulator.
“Switzerland offers a pathway for responsible financial services innovation harmonized with global financial norms and strong oversight,” the Libra Association said in a statement. “We are engaging in constructive dialogue with FINMA and are encouraged to see a feasible pathway for an open-source blockchain network to become a regulated, low-friction, high-security payment system,” Zurich (Reuters) reported.
A recent comment by an official of the United States Treasury visiting Switzerland insisted that Libra must conform to the highest standards for fighting money laundering before it launches.
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