Facebook's Libra Seeks Swiss Payment System License

Law360, London (September 11, 2019, 2:04 PM BST) -- Facebook's Libra cryptocurrency project is seeking a Swiss payment system license, the country's financial watchdog said on Wednesday.

The association of companies that governs Facebook's proposed new cryptocurrency, which include Mastercard and Visa, has applied for a payments license, the Swiss Financial Markets Supervisory Authority has confirmed. Confirmation by the Swiss authority follows months of resistance from regulators, after Facebook unveiled the controversial project in June.

The cryptocurrency would require a license to operate as a payment system and would be subject to additional rules to take “bank-like” risks into account, the regulator said.

“Due to the issuance of Libra payment tokens,...

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