Libra Association Seeks Swiss Payments License for Facebook’s Crypto
Marie Huillet's original article for cointelegraph.com reduced by 45%
Facebook is seeking a payment system license under Switzerland's Financial Market Supervisory Authority for its planned stablecoin project, Reuters reported on Sept. 11."Regulated, low-friction, high-security" blockchain payments. "Switzerland offers a pathway for responsible financial services innovation harmonized with global financial norms and strong oversight.
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." FINMA has notably this summer released guidance on regulatory requirements for payments on the blockchain, which applies to blockchain service providers including exchanges, wallet providers and trading platforms. The guidance adheres to the framework for digital asset regulation issued this June by the intergovernmental Financial Action Task Force, which includes provisions for Anti Money Laundering measures, Know Your Customer compliance, risk-monitoring systems and more. FINMA has gone a step further than the FATF's provisions in refusing to exempt payments that involve unregulated wallet providers from its oversight.
Earlier this week, a United States Treasury official had told reporters in Geneva that it was imperative that the Libra project satisfy the highest standards for combating money laundering and countering terrorism financing if it is to be approved by regulators and lawmakers. In August, U.S. lawmakers visited Switzerland to meet with local financial regulators and government officials about Libra, expressing their persistent "Concerns with allowing a large tech company to create a privately controlled, alternative global currency..
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