Facebook's Libra Seeks Swiss Payment System License

Law360, London (September 11, 2019, 2:04 PM BST) -- Facebook's Libra cryptocurrency project is seeking a Swiss payment system license, the country's financial watchdog said on Wednesday.

The association of companies that governs Facebook's proposed new cryptocurrency, which include Mastercard and Visa, has applied for a payments license, the Swiss Financial Markets Supervisory Authority has confirmed. Confirmation by the Swiss authority follows months of resistance from regulators, after Facebook unveiled the controversial project in June.

The cryptocurrency would require a license to operate as a payment system and would be subject to additional rules to take “bank-like” risks into account, the regulator said.

“Due to the issuance of Libra payment tokens,...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!