Facebook Libra Is Seeking to Register as a Payment System in Switzerland
The non-profit set up to run Facebook's Libra cryptocurrency project is seeking to apply for licensing as a payment system in Switzerland.
Crypto Finance AG's $14.5 million funding round will go toward international expansion and courting institutional investors.
The SEC and CFTC have settled charges with XBT Corp. after alleging the company sold unregistered security-based swaps for bitcoin.
Libra's most vexing challenge may be juggling inclusion and compliance. But policy chief Dante Disparte says the project is not giving up on reaching the unbanked.
"We are not here to make such projects impossible," Mark Branson, CEO of the Swiss Financial Market Supervisory Authority, said of Libra.
FINMA's director has spoken out about the risks of working with a major project like Facebook's Libra, and said there are also potential benefits.