National Authorities Told To Regulate Libra In New Guidance

The Financial Action Task Force (FATF) said on Friday that regulators should subject Libra, Facebook’s mooted global payments platform, to recently introduced standards on crypto-assets.

The global standards-setting body for financial crime controls said that “global stablecoins”, the first of which Libra aims to become, “could potentially cause a shift in the virtual asset ecosystem and have implications for the money laundering and terrorist financing risks”.

FATF also made clear that the same applies for Libra’s global network of partners, which includes several payments and e-commerce firms.

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