Facebook Libra applies for payment system license to Swiss Finance Authority (FINMA)

According to Cointelegraph, a Reuters report on September 11, Facebook is seeking a payment system license for the Swiss Financial Market Regulatory Authority (FINMA) for its stable currency project Libra.

(Source: pixabay )

Blockchain payment for "standard, low friction, high security"

In an official statement today, the Libra Association, registered in Switzerland, explains why it chose to coordinate its regulatory framework with Swiss regulators:

Switzerland offers a responsible path to financial services innovation that is aligned with global financial practices and strong regulation. We are engaged in a constructive dialogue with the Swiss Financial Market Regulatory Authority, and we hope to see the open source blockchain network become a viable way for a regulated, low-friction, high-security payment system.

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It is worth noting that the Swiss Financial Market Regulatory Authority issued guidance on blockchain payment regulatory requirements this summer, which applies to blockchain service providers including exchanges, wallet providers and trading platforms. .

The guide follows the Digital Assets Regulatory Framework released by the Financial Action Task Force (FATF) in June this year. The framework includes anti-money laundering (AML) measures, understanding of your customer (KYC) compliance, and risk monitoring systems.

Concerns about anti-money laundering and counter-terrorism financing

Earlier this week, an official from the US Treasury told reporters in Geneva that Libra must meet the highest standards for combating anti-money laundering and counter-terrorism financing in order to get approval from regulators and legislators.

In mid-July, at a hearing in the US Congress, David Marcus, CEO of Facebook's Calibra Wallet, said that Switzerland was chosen to “have nothing to do with evasion of regulation.” Instead, he argued that the jurisdiction is a good business. International center.

In August, US lawmakers visited Switzerland to hold talks with local financial regulators and government officials on Libra's issues and expressed an alternative global currency that “allows a large technology company to create a private control” Worry.

On September 5th, Swiss National Bank President Thomas Jordan said that in some cases, stable currencies anchored with foreign currencies may have a negative impact on Swiss monetary policy.

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