September 11, 2019 / 5:40 AM / a month ago

CORRECTED-(OFFICIAL)-Facebook's Libra seeks payment system licence from Swiss FINMA

(Corrects to remove “are encouraged to”, paragraph 2)

ZURICH, Sept 11 (Reuters) - The Facebook-led Libra cryptocurrency project is seeking a payment system licence under Swiss financial watchdog FINMA, it said on Wednesday, spelling out in more detail how it hopes to be regulated.

“Switzerland offers a pathway for responsible financial services innovation harmonised with global financial norms and strong oversight,” the Libra Association said in a statement. “We are engaging in constructive dialogue with FINMA and we see a feasible pathway for an open-source blockchain network to become a regulated, low-friction, high-security payment system.”

A senior U.S. Treasury official visiting Switzerland said on Tuesday the Libra project must meet the highest standards for combating money laundering and terrorism financing if it is to get off the ground. (Reporting by John Miller; Editing by Michael Shields)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below