Facebook’s Libra project has come in contact with FINMA, the financial regulator of Switzerland with a request for a payment systems license as it wants to classify as exactly that.
However, despite the overall forgiveness that FINMA has been showing towards Libra, it simply cannot just accept the fact that the platform is going to be a payment service. It needs to further look into the project’s definition and goals in order to determine whether or not it truly classifies as what it’s applying for.
According to the representatives of FINMA, the Libra tokens surpass the classification of a traditional payment system which will require much more oversight from regulators and the determination of relevancy.
However, that issue is currently in the background. Right now is the main “dialogue between FINMA and Libra” as reported by Reuters. Should an agreement be made, it will be time for Facebook’s child project to make the same arrangements in various other markets as well.