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Facebook's new Libra Association pursues Swiss payments license

A Swiss payments license would make Facebook's proposed cryptocurrency 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 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 said on Wednesday it hopes to have FINMA oversee its new payment system. It asked for a ruling to clarify the status of the association and Libra coin, describing the "global l0w-friction high-security payment system" as a means of empowering billions of people.

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