FINMA to Accept Facebook’s Libra with Open Mind
- Facebook’s Libra will face the same strict rules that usually apply to banks, but there will be no additional hurdles to its development.
- Mark Branson, head of the Swiss Financial Market Supervisory Authority, said that he is more worried about projects in the dark as opposed to Libra.
Photo from Freepik
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.
- The 2.9 billion active monthly users of Facebook are now able to post their digital collectibles and NFTs on their Facebook accounts.
- The feature was first available to a limited number of Instagram users, but was later expanded across 100 countries, with support for Ethereum, Polygon, and Flow blockchains.
Meta CEO Mark Zuckerberg delivers the F8 2018 Keynote speech. Anthony Quintano/Wikimedia Commons
- Mark Zuckerberg revealed that Instagram will be the first app under Meta’s control to start NFT tests, and that Facebook could soon see a similar functionality.
- Meta’s CEO also noted that the company was working on augmented reality NFTs, which will allow users to place their digital art into physical spaces.
- “Several people familiar with the matter” have said that teams from Facebook and Instagram were working on the new NFT system.
- The sources also revealed that Meta was considering the launch of a brand new NFT marketplace.