Swiss Financial Watchdog Says Its Ready To Work With Intl. Players On Libra Project Despite Risks

    Swiss financial markets watchdog (FINMA) says it is ready for international cooperation as well as oversight on modalities to regulate the expected Facebook’s crypto project, Libra.

    Speaking in an interview with a local media outlet Neue Zürcher Zeitung (NZZ), FINMA director Mark Branson explained that it was difficult for a solitary country to regulate a project of Libra’s magnitude and there was a need for the international community to cooperate.

    Branson explained that while majority of regulators have described Libra as controversial, it is not the role of FINMA to expedite the fulfilment of the project. He said that the role of the watchdog is to explain as well as apply the laws and rules as they exist.

    The director also stated that if his country was to achieve its objective of becoming a crucial financial hub in the world, it will have to cope with the various risks that emanate from working with big projects like Libra that attract international attention.

    Branson stated that major finance projects like Libra are linked with reputational risks and is the case in the entire world. He however said that Switzerland should not settle for second-class financial hub in order to avoid such risks. According to the FINMA director, the decisive factor should be if the country has the right legal and regulations regime as well as supervision to deal with such players in the industry.

    Although Libra has come under immense attack and pressure from different quarters who view it as a financial risk, Branson stated that FINMA was not under any pressure to use stringent rules on Libra. He explained that Libra has huge ambitions and that FINMA did not require any international pressure to realize this, pointing to the successful and large corporations behind the project.

    According to CoinDesk over the last couple of weeks, lawmakers and policy makers from the US have travelled to Switzerland to discuss the Libra project and the expected regulation of the project. One of them is Maxine Waters who is the chair of the House Financial Services Committee who stated that there were doubts about the Libra project after holding talks with the Swiss regulators.


    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Joseph Kibe
    Joseph Kibe
    Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Bitwise Plans To Target Retail Investors With Its Crypto Index Fund

    Bitwise has revealed that plans are underway to allow the retail market to participate in its large-cap index service. According to CoinDesk, Bitwise is working...

    Binance's Educational Platform Opens Up Government Approved Office in Shanghai

    Binance, one of the most popular crypto exchanges in the crypto-verse which also has many subsidiaries including Binance Academy (a blockchain and crypto-centred educational...

    XRP Trying to Retrace Months of Underperformance But Remains in a “Corrective” Structure

    XRP is up 12.5% but could still jump another 23%, A clean break above $0.21 would be “very bullish” Ripple granted an exemption...

    23k BTC on CME Futures and 50k BTC in Options Expiring Today

    Bitcoin is currently down 0.05% in the past 24 hours trading around $6,640 after hitting $6,872 last night, yet again rejected at $7,000 level....

    Microsoft Files Patent To Mine Cryptocurrencies With Verified Body Activity Data

    Giant software manufacturer, Microsoft is seeking to capitalize on the new crypto hype. The firm is seeking to introduce its own cryptocurrency that will...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.