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Facebook’s Libra seeks payment system licence from Swiss FINMA

Facebook’s Libra seeks payment system licence from Swiss FINMA

ZURICH : The Facebook-led (FB.O) Libra cryptocurrency project is seeking a payment system licence under Swiss financial watchdog FINMA, it said on Wednesday, spelling out in more detail how it hopes to be regulated.

“Switzerland offers a pathway for responsible financial services innovation harmonised 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.”

A senior U.S. Treasury official visiting Switzerland said on Tuesday the Libra project must meet the highest standards for combating money laundering and terrorism financing if it is to get off the ground.