Libra intends to register as a payment system, regulator demands more
Facebook expects to obtain a payment system license from the Swiss Financial Markets Authority (FINMA) for its Libra cryptocurrency project, Reuters reports..
In an official statement, Libra explained the decision to align its operations with the requirements of the Swiss regulator: “Switzerland provides an opportunity for the responsible development of innovation in the field of financial services in accordance with global financial regulations and strict supervision. We are engaged in a constructive dialogue with FINMA and are inspired by the opportunity to make the open source blockchain network a regulated and highly secure payment system. “.
FINMA, for its part, today presented a new guideline for stablecoins, the requirements of which also apply to Libra. According to the regulator, stablecoins are subject to the current rules for regulating tokens on the blockchain, but they may be subject to special conditions that will depend on what assets are used to back them, for example, currencies, commodities, real estate or securities..
“Projects of individual stablecoins can differ significantly in legal, technical, functional and economic terms. Thus, the development of a generalized classification is not possible. Money laundering, securities trading, banking, fund management and financial infrastructure regulation – all of these issues may be relevant to stablecoins, ”the publication says..
At the same time, FINMA emphasizes that Libra “clearly goes beyond the limits of the exclusively payment system and therefore is subject to additional regulation.”.
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