Mark Branson, head of Swiss financial supervisor FINMA, said that he is more concerned with the dark corners of cryptocurrency than he is with Facebook’s stablecoin Libra.
Switzerland will not make Libra impossible
On Oct. 1, Reuters reported that Bronson is more wary of crypto projects that develop outside of official scrutiny than he is of Facebook’s Libra project, which he says “is being done transparently.” Branson added:
“I am much more nervous about projects which develop in a dark corner in the financial system somewhere, spread themselves out through cyberspace and one day are too big to be stopped.”
Branson explained that Libra will face the same strict rules that apply to banks on top of the already tough anti-money laundering laws, but that Switzerland will not go out of its way to stonewall the project, adding:
“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.”
Switzerland ready to approve Libra
Cointelegraph previously reported that while some of Europe’s regulators are ready to block private “parallel currencies,” Branson stated earlier in September 2019 that the project fits perfectly into their existing regulatory framework.
“We have just published a guide on how to classify stablecoins under Swiss law. And we show: it does not need new laws. The risks are well known, for example regarding money laundering, customer protection, system stability. There are already regulations for all of these.”