Facebook's Libra To Seek Swiss Licence As Regulator Sets Out Expectations

Facebook has announced it intends to apply for a payment system licence from the Swiss Financial Market Supervisory Authority (FINMA) to cover Libra, its controversial cryptocurrency project.

The Silicon Valley giant said the decision follows a request to FINMA that it clarifies the likely regulatory status of both the Libra Coin itself and its governing Libra Association, which includes representatives from Mastercard and Visa, as well as PayPal, PayU and Stripe.

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