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28 February 2020

Facebook Libra Brings 'Risks and Opportunities': Swiss Watchdog Chief

Facebook Libra Brings 'Risks and Opportunities': Swiss Watchdog Chief

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In an interview with the Neue Zuercher Zeitung newspaper, Mark Branson, director of the Financial Market Authority (FINMA), said that while Libra may be viewed as somewhat controversial internationally, it’s not his agency’s role to “facilitate” the project.

However, Branson also said that if Switzerland wants to become a major financial center, it will have to live with the potential risks of working with such major projects as Libra.

While regulators worldwide having expressed concerns over the financial risks of the Facebook-led project, Branson said FINMA wasn’t under pressure to apply tough rules to Libra.

The FINMA chief said in the interview that a global project like Libra can only be addressed through coordination with international regulators.

Addressing the concerns that Libra and other cryptocurrencies can act as a conduit for money launderers, Branson accepted that the technology poses a “challenge,” and said FINMA intends to regulate the crypto industry in the same way it regulates traditional finance.

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