- FINMA to scrutinize Libra “for bank-like risks” including anti-money laundering standards.
- Regulators around the world also promised to hold Facebook to high standard matching the potential of the Libra project.
Facebook is starting into another regulatory setback in Switzerland after the Swiss Financial Market Supervisory Authority (FINMA) promised to scrutinize Libra before giving the project a go-ahead.
As reported on Wednesday Facebook is seeking a license from the country’s financial regulator. In response to the filing, FINMA stated that I will dissect the project:
“For bank-like risks, for example, bank-like regulatory requirements would apply. The highest international anti-money laundering standards would need to be ensured throughout the entire ecosystem of the project.”
On the other hand, regulation for the project is at a standstill in the United States. The lawmakers expressed their distrust in Facebook running a project of such magnitude. Other regulators promised to ensure that all concerns are met before Libra is launched.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.