Libra to seek payment licence in Switzerland
Libra Association has announced they will be seeking a payment licence from FINMA, the Swiss Financial Services regulator.
This is hot on the heels of FINMA's announcement of supplementary guidance for stablecoins which explicitly mentioned that Libra would need such a licence.
It is promising that a project such as Libra is being recognised as a payment system and not a money market fund, which it could also be viewed as given the basket of assets backing each Libra.
Dante Dispara of Libra said:
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.