Despite escalating regulatory concerns from the governments of the world, Facebook appears to be pressing on with its global bank ambitions. This week the social media giant made moves to seek a payments license for Libra from Switzerland while the US Treasury warned that it would face tough standards.


Libra Looks For Payments License

According to Reuters, Facebook is seeking a payment system license for its crypto project under Swiss financial watchdog FINMA. The Libra Association, which has been based in Switzerland due to regulatory pressures elsewhere, stated;

“We are engaging in constructive dialogue with FINMA and are encouraged to see a feasible pathway for an open-source blockchain network to become a regulated, low-friction, high-security payment system.”

Being in Switzerland will not grant the web giant immunity from global regulators. The US Treasury asserted this week that the Libra cryptocurrency project must meet the highest standards for combating money laundering and terrorist financing if it is to get off the ground.

US Under Secretary of Terrorism and Financial Intelligence, Sigal Mandelker, told reporters that these regulations would apply to any…



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Author: Martin Young

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