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Cryptocurrencies

Facebook's Libra aims for Swiss payment system license

Wednesday 11 September 2019 | 12:46 PM CET

Facebook’s Libra cryptocurrency project is seeking a Swiss payment system license, financial watchdog FINMA has announced.

However, the breadth of the planned services by the Libra project would clearly go beyond those of a pure payment system, FINMA said. These would extend to capital allocation for credit, market and operational risks, risk concentration and liquidity, and the management of the Libra reserve, Reuters cited FINMA.

US Under Secretary of Terrorism and Financial Intelligence told Reuters reporters that cryptocurrency projects must meet the highest standards for combating money laundering and terrorism financing if they would get approved. FINMA said that oversight of the range of services provided by Libra would follow the maxim ‘same risks, same rules’.

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