Facebook's Libra seeks license from FINMA

|About: Facebook, Inc. (FB)|By:, SA News Editor

The U.S. is urging Switzerland to ensure its regulations governing cryptocurrencies are strong enough to prevent abuse like money laundering and terrorism, as the European banking hub prepares to host Libra, a crypto proposed by Facebook (NASDAQ:FB).

The project - likely to be backed by the U.S. dollar, euro, yen, British pound and Singapore dollar - is seeking a payment system license under Swiss financial watchdog FINMA.

Switzerland has increasingly embraced global norms of financial transparency, promoting itself as a hub for financial technology and innovation.

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