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FINMA to Strictly Scrutinize Libra for Payment System License

“To oversee its upcoming currency, it set up a non-profit, The Libra Association, in Geneva and partnered with 27 tech and payment companies” writes Arnab Shome for financemagnates.com. This came after the social media company announced that it is seeking a license from the Swiss Financial Market Supervisory Authority (FINMA) to operate as a regulated payments system.Facebook’s crypto initiative is now facing a setback in Switzerland as the Swiss market regulator on Wednesday warned that Libra will face strict scrutiny for its approval, Reuters reported.Addressing the hostility of global regulators towards Libra, Branson added: “A project of such a global dimension can be addressed only via international coordination and consultation with other supervisors and regulators…It is illusory to believe a single country can regulate and oversee a project like Libra on its own. So there are risks and opportunities,” Branson added.
 
Source: financemagnates.com



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