Swiss regulator receives application from Libra Association for payment system licence

Maria Nikolova

This marks the start of the licensing process under Swiss supervisory law, FINMA explains.

Development of Financial Passport across all sectors

The Swiss Financial Market Supervisory Authority (FINMA) today confirms it has received an application from Geneva-based Libra Association for a payment system licence. The application, submitted under the Financial Market Infrastructure Act (FMIA), is on the basis of an updated whitepaper.

The regulator explains that the application is not complete in all particulars, but allows FINMA’s formal licensing process to start. FINMA also notes that the application filed differs considerably from the project originally submitted, e.g. with a view to the Libra payment system also supporting single-currency stable coins as well as the multi-currency Libra payment token.

FINMA will now thoroughly analyse the application. As provided by the FMIA, it will impose extra requirements for additional services that pose increased risks. This applies in particular to bank-like risks. Also, FINMA will give special consideration to whether strict national and international standards for payment infrastructures and also for combating money laundering can be upheld.

FINMA has emphasised that the planned international scope of the project requires an internationally coordinated approach. Accordingly, the Swiss regulator says it has been in close contact with the Swiss National Bank and more than 20 other supervisory authorities and central banks from around the world since the start of its dealings with the Libra project.

Read this next

Digital Assets

SEC bypassed commission vote in approving Ethereum ETFs

The Securities and Exchange Commission’s (SEC) Trading and Markets Division has approved several spot Ethereum exchange-traded funds (ETFs) using delegated authority, rather than a vote by the full commission.

blockdag

BlockDAG Presale Draws Massive $32.4M Hinting At its 30,000x ROI Potential, Overshadowing Retik Finance at Bitmart

Learn why BlockDAG’s innovative strategies and $32.4M presale success are making millionaires, overshadowing Retik Finance’s struggle on Bitmart.

Institutional FX

Malaysia’s exchange launches API for onboarding retail investors

“The Exchange actively listens to the evolving needs of our customers. This initiative is key in delivering on our commitment towards greater customer-centricity. We will continue to work closely with our POs and introduce service innovations to attract more investors, bolstering the competitiveness of our market.”

Fintech, Uncategorized

LiquidityBook welcomes JonesTrading to LBX Post-Trade Hub

“As we near the T+1 deadline, we are excited to continue helping firms achieve straight-through processing in addition to delivering new enhancements to our comprehensive range of cloud-native buy- and sell-side trading solutions.”

blockdag

Should I Invest Today? Which Altcoins Could Make 2-5X Profits Amid the Latest News?

Investing in cryptocurrencies can be a journey full of surprises, given their volatile nature.

Executive Moves

Bakkt promotes Ray Kamrath to CCO of Crypto

Bakkt has promoted Ray Kamrath to Chief Commercial Officer of the company providing custody, trading, and onramps to the crypto space.

Industry News, Uncategorized

HSBC relocates US headquarters to The Spiral, New York

HSBC has opened its new U.S. headquarters at The Spiral, a renowned office building in New York City’s Hudson Yards neighborhood.

blockdag

Best Cryptos to Buy Before the Real Bull Run Kicks Off

With the bull run of 2024 already underway, investors are eager to identify cryptocurrencies that promise significant growth.

Market News

This time is different – is it?

The stock market wants lower interest rates – or rather, it has been expecting them for months. Justified? The US economy looks very robust, so higher interest rates would actually be the order of the day.

<