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Libra assumes that headquarters also needs to meet US regulations in Switzerland

2019-09-11T02:19:28.195Z

[Reuters, Bern 10]-US Treasury Secretary (Chief of Terrorism and Financial Information) Cigar Mandelker is realizing crypto assets (virtual currency) such as “Libra” planned by US Facebook <FB.O> on the 10th You


[Reuters, Bern 10]-US Treasury Secretary (Chief of Terrorism and Financial Information) Cigar Mandelker is realizing crypto assets (virtual currency) such as “Libra” planned by US Facebook <FB.O> on the 10th He pointed out that it must meet the highest standards for money laundering and the prevention of terrorist funds.

He also stressed that it is clear that any crypto asset that circulates in the United States or in a large region of the United States, including Libra, headquartered in Geneva, Switzerland, must meet US regulations.

“Despite Bitcoin, Ethereum, and Libra, there is one message for these companies. Money laundering and terrorist financing measures need to be built into the design from the start.”

Mandelker, who is visiting Switzerland, discussed the cryptocurrencies, including Libra, with officials from the Swiss government and the Bank for International Settlements (BIS).

He also plans to hold a meeting with the Swiss Federal Financial Markets Authority (FINMA) during the same day and will prioritize measures for companies that violate regulations as well as the implementation of appropriate regulations on money laundering.

FINMA is the first company to provide blockchain (distributed ledger), a technology that supports crypto assets, in August, granting banking and securities business approvals. Cryptographic valley) ”.

Mandelker stressed that countries such as Switzerland, which seeks to become a fintech and financial innovation hub that combines finance and technology, are responsible for giving maximum consideration to concerns about money laundering.

Libra also pointed out that it was still in the very early stages of thorough crime control, and the Swiss authorities said it was a similar perception.

“The Libra Association maintains the position that financial inclusion, regulatory compliance, and consumer protection will not conflict,” said Libra spokeswoman Dante Disparte.

Source: asahi

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