Facebook’s Libra seeks payment system license from Swiss FINMA

Technology

FILE PHOTO: Representations of virtual currency are displayed in front of the Libra logo in this illustration picture, June 21, 2019. REUTERS/Dado Ruvic/File Photo

ZURICH (Reuters) – The Facebook-led (FB.O) Libra cryptocurrency project is seeking a payment system license 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 harmonized with global financial norms and strong oversight,” the Libra Association said in a statement. “We are engaging in constructive dialogue with FINMA and are encouraged to 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

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