Libra, Facebook's upcoming cryptocurrency project, has filled a request for a payment system license with the Swiss Financial Market Supervisory Authority (FINMA), Cointelegraph reports on September 11th.
According to the Libra Association, the Swiss-registered company who will govern the cryptocurrency once issued, there are multiple reasons for this: “Switzerland offers a pathway for responsible financial services innovation harmonized with global financial norms and strong oversight. We are engaging in constructive dialogue with FINMA and are encouraged to see a feasible pathway for an open-source blockchain network to become a regulated, low-friction, high-security payment system.”
Even though its facing major regulatory push-back, and rumors of projects distancing itself from the Libra Association, it would appear that the development of the cryptocurrency is still going forward. Getting approval for a payment system license from FINMA is the first step in solidifying the company's credibility, thus showing international regulators they mean to abide by the rules of the famous Swiss financial system. With several other countries indicating libra would require some sort of financial license, this could also be interpreted as a message of good will to those governments, saying libra will do anything necessary to operate in complete compliance with local regulation.