Today the Libra Association announced it has formally applied for a payments license to the Swiss Financial Markets Supervisory Authority (FINMA). It also published a new whitepaper clarifying significant changes to its plans including supporting singe currency stablecoins, remaining as a permissioned network and initially limiting participants to designated dealers and regulated exchanges and custodians.
The blockchain and digital currency group says that the licensing procedure will have input from central banks and regulators around the world, which participate in FINMA’s regulatory supervisory college.
Seven months ago, the Libra Association requested clarification of its status and the Libra coin from Swiss regulator FINMA. The regulator published an initial response in a matter of hours which emphasized the oft-quoted regulator stance of “same risk, same rules”.
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