The head of the Swiss Financial Market Supervisory Authority (FINMA) said that Switzerland will not impede the development of Libra, Reuters reported on 1 October.
During a Bloomberg event in Zurich, Mark Branson said that Facebook’s Libra will face tough anti-money laundering laws, and will be under strict rules that usually apply to banks. He further added that Switzerland will not put extra hurdles for the development of the project, saying:
“We are not here to make such projects impossible. We will respond to them with an open mind, with an attitude that same risks require same rules. Our rules and standards are non-negotiable.”
It is understandable why the Libra Association was established in Switzerland. It has been a hub of crypto-development for a while now, with it currently having more than 700 blockchain companies.
Bronson also said that he is more concerned with crypto projects that are developed outside of official scrutiny than he is with Libra, as it is “something which is being done transparently.” He said:
“I am much more nervous about projects which develop in a dark corner in the financial system somewhere, spread themselves out through cyber space and one day are too big to be stopped.”
Even though Switzerland is not standing against Facebook’s Libra, which is currently the norm among financial institutions, some countries in the E.U. have made it the world’s most scrutinized fintech effort.
Last month the French Economy and Finance Minister, Bruno Le Maire, went as far as to say that he plans to block the stablecoin in the E.U., as it could pose a threat to the sovereignty of national currencies.