Libra Association Is Requesting A Swiss Payments License
The Libra Association is requesting a payments license from the government of Switzerland – more specifically the Switzerland’s Financial Market Supervisory Authority (FINMA) for its planned stablecoin project, according to reports on Reuters.
An official statement today in the latest cryptocurrency news shows that the Switzerland-registered Libra Association – which is a not-for-profit membership organization established to govern the Libra Network. The document explained how Libra Association is requesting a choice to coordinate a regulatory framework with the Swiss watchdog. It also says:
â€œSwitzerland 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.â€�
As many best cryptocurrency news sites report, the FINMA has notably released guidance on regulatory requirements for payments on the blockchain – which applies to the blockchain service providers including exchanges, wallet providers and trading platforms.
Now that the Libra Association is requesting a Swiss payments license, the new guidance adheres to the framework for digital asset regulation. This was issued this June by the intergovernmental Financial Action Task Force (FATF) which includes numerous provisions for Anti Money Laundering (AML) measures, Know Your Customer compliance, systems for risk monitoring and more.
Earlier this week, the United States Treasury official had told reporters in Geneva that it was imperative that the Libra project should satisfy the highest standards for combating money laundering and countering terrorism financing if it is to be approved by the lawmakers and regulators.
While the Libra Association is requesting a Swiss payments license, a hearing before US representatives in mid-July this year featured David Marcus – the chief of Facebook’s Calibra wallet service – talking about the choice and how it â€œnothing to do with evading regulations or oversight.” Marcus’ statement was in the coming altcoin news because he argued that the jurisdiction is an international hub conducive to doing business.
In August this year, some US lawmakers visited Switzerland to meet with the local financial regulators and discuss officials about Libra, expressing the “concerns […] with allowing a large tech company to create a privately controlled, alternative global currency.â€�
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