Facebook-Backed Diem Pulls Swiss Stablecoin Application

Law360, London (May 13, 2021, 1:00 PM BST) -- Digital currency group Diem Association, which is backed by Facebook, has withdrawn its application for authorization in Switzerland as a blockchain-based payment system to allow it to focus on the U.S., the Swiss financial watchdog has said.

The Swiss Financial Market Supervisory Authority said late on Wednesday that Diem Networks GmbH is pulling its application under Switzerland's Financial Market Infrastructure Act, even though the process is at an advanced stage.

Geneva-based Diem, which was formerly called the Libra Association, is made up of the Diem Association, which has 26 members from the payments and technology sector, and Diem Networks, the payment...

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