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Libra Project pursuing payment license from Swiss FINMA

Libra Project pursuing payment license from Swiss FINMA

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The Libra Association, a non-proft organization headquartered in Geneva, will pursue a license as a payment system with lead supervisory authority under the Swiss Financial Market Supervisory Authority (FINMA).

In this context, the Libra Association has submitted a request for a ruling to clarify the regulatory status of the Libra Association and the Libra Coin and intends to fle an application for a license as a payment system. The choice of Switzerland as the home for the newly established Libra Association, which when fully developed will have a diverse group of member organizations spanning technology, fnancial services, social impact organizations and venture capital, among others, harnesses Switzerland’s role as a nucleus for international organizations.

With a principle-based and technology neutral regulatory framework, along with regulatory clarity on blockchain-based business models, Switzerland ofers a pathway for responsible fnancial services innovation harmonized with global fnancial norms and strong oversight. “Since our vision for Libra was announced 3 months ago, we have maintained our commitment that technology-powered fnancial services innovation and strong regulatory compliance and oversight are not in competition. 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. This is an important step in Libra’s evolution, and we look forward to continuing our engagement with all stakeholders over the coming months,” said, Dante Disparte, Libra’s head of policy and communications.

Envisioned as an open-source fnancial services network, the Libra Blockchain can level the playing feld for people on the margins of basic payment networks and fnancial services. At the same time, the world’s vibrant community of fntech entrepreneurs, companies and others, can develop innovative solutions on an interoperable, secure and compliant payment network. These solutions are envisaged to address issues such as those associated with costly cross-border remittances, micro-payments and other transactions that once addressed can help enable billions of people to step onto the frst rung of the ladder of economic mobility

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