Libra will be regulated by Swiss financial authorities, Facebook expects
Facebook won’t launch cryptocurrency Libra until “all doubts of the regulators are completely removed.” About this writes The Verge with link on theses prepared by the head of the project David Markus for tomorrow’s hearing in the US Congress.
Markus expects the Swiss authorities to regulate the cryptocurrency, since the Libra Association is registered in their jurisdiction. The organization is in “preliminary negotiations” with the local regulator and will be follow Swiss data privacy laws should of publications.
The organization does not yet have a charter – Facebook expects that her members will participate in further development of the document. No charter everything discussions wear preliminary, since regulation of an instrument that does not have its own rules is not possible.
Markus also promises that the US government will be involved in regulating Libra-related services, including the Calibra wallet.. According to him plan, subdivision Calibra must be registered with quality service provider in the field of money transfers, and the Federal trading commission. Libra Association and related services will be registered with Networks to combat financial crime for securing compliance with sanctions requirements and will be follow national laws on countering the financing of terrorism.
Previously it was suggested that the launch of Libra can require permission from the Securities Commission and exchanges USA (SEC), if it will see in cryptocurrency signs traded on the stock exchange (ETF). Marcus, but, this question does not cover and presents Libra as a form of payment funds, and not as an investment instrument.