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Switzerland to Start Cooperation on Libra – Supervisory Body

13 September 2019, 11:16
Votes: 1

According to the Swiss financial control body, the country is ready for international cooperation and monitoring the way it regulates Facebook’s upcoming cryptocurrency project.

Switzerland to Start Cooperation on Libra – Supervisory Body

Mark Branson, the director of FINMA (Financial Market Supervisory Authority), says that it is highly unlikely for one country to regulate the project of global importance without any assistance from other states.

The expert stated that Switzerland has a reliable regulatory system, which corresponds to the needs of major legacy financial players and companies with ambitious projects in the sphere of financial technologies. Branson highlighted that only international consultation and cooperation can deal with a project of Libra’s scope.

According to FINMA’a director, the watchdog’s approach is technology-neutral, which is why Facebook’s cryptocurrency would fit perfectly into their regulatory system.

Facebook has already addressed FINMA in terms of their assessment of the media giant’s prospective application for a payment system permit in Switzerland.

As mentioned earlier, Switzerland’s authorities initiated a crackdown campaign aimed at operators providing iGaming services.

Read more: Crypto Advertisement: Hurdles and Solutions

Read more: 10 Global Corporations to Launch Their Own Cryptocurrencies

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