Swiss Financial Market Supervisory Authority: Processing the payment system license for the Libra Association
According to the latest announcement from the Swiss Financial Market Supervisory Authority (FINMA) (evening of the 16th in Taiwan time), they have received a payment system license application from the Libra Association. The Libra Association, registered in Geneva, Switzerland, will be subject to Swiss law for the review of the payment system license.
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According to the latest announcement from the Swiss Financial Market Supervisory Authority (FINMA) on the evening of the 16th (Taiwan time), it has received a payment system license application from the Libra Association. The Libra Association, registered in Geneva, Switzerland, will undergo scrutiny for the payment system license under Swiss law.
FINMA stated that it has received an updated white paper from the Libra Association and will review it according to the normal procedure. However, due to significant differences in the new white paper, such as the presence of a single currency stablecoin and multiple Libra payment tokens based on multiple currencies, a reevaluation is needed. Especially concerning whether this payment system can meet international anti-money laundering standards.
FINMA mentioned that it will not proactively disclose when the review will be completed. However, the authority revealed that it has been in contact with central banks and regulatory authorities from more than 20 countries worldwide since it began handling the Libra project.
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