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Facebook’s Libra Wants a Payment System License From FINMA

12 September 2019 08:26, UTC

Facebook’s Libra project has come in contact with FINMA, the financial regulator of Switzerland with a request for a payment systems license as it wants to classify as exactly that.

However, despite the overall forgiveness that FINMA has been showing towards Libra, it simply cannot just accept the fact that the platform is going to be a payment service. It needs to further look into the project’s definition and goals in order to determine whether or not it truly classifies as what it’s applying for.

According to the representatives of FINMA, the Libra tokens surpass the classification of a traditional payment system which will require much more oversight from regulators and the determination of relevancy.

12-07-2019 16:42:17  |   Guest posts
Furthermore, the regulators will have to figure out if Libra will want ATMs to be present in the country or anywhere else where the jurisdiction is relevant. As already reported by Bitcoin of America, Bitcoin ATMs have been increasing rapidly in terms of numbers all over Europe, and it’s unknown whether the installation of new ones will require licenses themselves.

However, that issue is currently in the background. Right now is the main “dialogue between FINMA and Libra” as reported by Reuters. Should an agreement be made, it will be time for Facebook’s child project to make the same arrangements in various other markets as well.