Facebook Libra Is Seeking to Register as a Payment System in Switzerland

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The company set up to run Facebook’s Libra cryptocurrency project is seeking to apply for licensing as a payment system in Switzerland.Swiss financial regulator FINMA confirmed in a guidance note on stablecoins Wednesday that it had received a request for an assessment of how it would classify the Libra project as currently planned. The agency added that range of services projected by the Libra Association would need extra oversight.FINMA said:In an “indicative classification” of the Libra project, FINMA said a project would fall under financial market infrastructure regulation and, as currently planned, “would require a payment system licence from FINMA.”Regulators globally have been raising concerns that Libra would raise the risk of money laundering via its global cryptocurrency available to billions of Facebook users. Just yesterday, U.S. Treasury official Sigal Mandelker said Facebook’s Libra must meet the highest standards of regulatory compliance prior to any launch.A Swiss payment system is…

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