Facebook’s Libra is seeking to apply for licensing as the Swiss payment system.
Swiss financial regulator FINMA received a request for an assessment of how it would classify the Libra project. The agency highlighted that the services planned by the Libra project would clearly go beyond those of a pure payment system.
Regulators globally have expressed its concerns over the risk of money laundering via Libra cryptocurrency. Just yesterday, U.S. Treasury official Sigal Mandelker said Facebook’s Libra must meet the highest standards of regulatory compliance prior to any launch.
“As Libra planned as a global project, it will require international coordination from regulators, especially the definition of requirements for managing the reserve and its governance, as well as to address the risk of money laundering,” FINMA said.