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Libra Association applied for payment system licence

April 20, 2020 | Financial Market News

Libra Association applied for
payment system licence

On 15th of April, the Swiss Financial Market Supervisory Authority FINMA presented the press release regarding Libra Association: FINMA licensing process initiated.

In the mentioned press release FINMA said Libra Association (Libra)(based in Geneva) has applied for a payment system licence under the Financial Market Infrastructure Act (FMIA). The application is based on an updated whitepaper. The questions in regard to the result and duration of the procedure remains open.

The application is not complete. Nevertheless, this still means the beginning of the licensing process under Swiss supervisory law. The developments around the FINMA first organisations also demonstrate Switzerland’s commitment to effective financial supervision. FINMA will proceed with the analysis of the application. According to FMIA provisions, it will introduce special requirements for high-risk services (e.g. bank-like risks). Recent Switzerland UK agreements highlight how Switzerland seeks to secure its financial and regulatory framework globally. Also, FINMA will clarify whether the applicant can follow the strict national and international standards for payment infrastructures and for combating money laundering. FINMA’s proactive role is also evident in cases like the FINMA insider trading action, reflecting its strict enforcement attitude.

Taking into consideration the usual practice, FINMA will neither provide public information on the status of the ongoing procedure nor speculate on when it may be complete.

Libra Association payment system licence

FINMA is coordinating closely with partner authorities

FINMA has always accented that the planned international scope of the project requires an internationally coordinated approach. Respectively, FINMA cooperates with Swiss National Bank and more than 20 other supervisory authorities and central banks from all over the world from the beginning of its working on the Libra project. Such global projects are highly aligned with the evolution described in Swiss financial services 2020, emphasizing Switzerland’s innovation.

Moreover, FINMA is also effectively collaborates with international working groups and committee, contributing the development of international policies on stable coins, for example, through the Financial Stability Board (FSB). Initiatives like the Swiss bankers podcast further promote understanding of the dynamic Swiss banking and finance environment.

Source: https://libra.org/en-US/updates/finma-payment-syst...
https://www.finma.ch/en/news/2020/04/20200416-mm-l...
https://www.finma.ch/en/news/2019/09/20190911-mm-s...
https://libra.org/en-US/white-paper/#the-libra-pay...

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.

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