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Facebook's Libra pursues Swiss pay license

The Libra Association will apply for a payments license in Switzerland so Facebook's proposed cryptocurrency is subject to Swiss financial regulators.

Geneva, Switzerland
Facebook's new Libra Association is based in Geneva because of "Switzerland's role as a nucleus for international organizations" (AN/Jeff Dlouhy)

GENEVA (AN) — The Libra Association said on Wednesday it will apply for a payments license in Switzerland so that Facebook's proposed cryptocurrency can be regulated by the Swiss Financial Market Supervisory Authority.

The new nonprofit organization set up by Facebook in Geneva hopes to have FINMA oversee its new payment system. It asked for a ruling to clarify the status of the association and Libra coin, according to a statement touting the "global l0w-friction high-security payment system" as a means of empowering billions of people.

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