The Libra Association is officially applying for approval from Swiss financial regulators, as the association moves into the operational phase of its blockchain-based digital currency.
The Geneva-based association has submitted an application to the Swiss Financial Markets Supervisory Authority and will seek additional input from central banks and other regulatory bodies.
Since publishing its initial whitepaper in June 2019, Libra has consulted with various global stakeholders and has incorporated many suggested changes into its plan. The changes include the ability to offer single currency stablecoins as well as the multi-currency Libra coin. The Facebook-backed organization faced sharp criticism from regulators in the U.S. and abroad over concerns about Facebook’s privacy and data practices in recent years.
The association has added a series of fraud and security protections to the planned digital currency, which includes anti-terrorism, anti-money laundering and other updated standards. It also issued an updated whitepaper with additional details on the revised digital currency plan.
FINMA officials said they have been in close contact with the Swiss National Bank and 20 other supervisory authorities and central banks around the world regarding the application.