The Libra project is looking to get things off the ground in a different way, applying for a financial license with the Swiss regulator.
Switzerland’s financial regulator is preparing to substantially lower the cap on transactions before identification is required.
The Libra Association has submitted a request to Switzerland’s Financial Market Supervisory Authority for clarification on how the regulator would classify Facebook Libra.
FINMA wants to ensure Switzerland has a clean blockchain industry and has issued new guidance on how blockchain-based companies must adhere to AML and KYC policies.
The Swiss financial regulator has issued fresh guidelines for fintech startups, giving leeway to licensees to accept up to CHF100 million ($100.1 million) in public deposits, in a radical move designed to boost innovation in the sector.
The situation in Switzerland got a whole lot more difficult for cryptocurrency and banking in general, as the Swiss Financial Market Supervisory Authority (FINMA) is getting tough on those banks who want to trade in crypto assets.
Swiss tech startup Smart Valor has become one of the few blockchain companies based in the country to win approval from regulators, after the firm was approved to act as a financial intermediary.
Stringent regulations and unwelcoming banks are causing Switzerland to lose business in the cryptocurrency sector to its crypto-friendly rivals like Lichtenstein, Gibraltar and the Cayman Islands.