Switzerland To Regulate Libra as Thailand Opens Discussions

Switzerland To Regulate Libra as Thailand Opens Discussions

This weekend has seen more developments concerning the highly-anticipated Project Libra as regulation indicators ad legalisation possibilities come to light.

It is hard to get through a day now without news about the controversial stablecoin from Facebook. Some days it is positives, other days it is negatives. Today is no different as two new developments have come to light. Both of which would likely to be considered positives both for this looking to invest in the coin, which is poised for launch in early 2020, as well as from the Project Libra camp themselves.

Swiss Likely To Regulate

The first of these updates that have emerged is that Switzerland, a country well-known for its crypto leniency, not to mention its unique banking laws, is the country of choice of the team behind Libra to oversee the regulation of the coin. This is perhaps little surprise considering the fact that their whitepaper already announced that the parties backing the coin, who make up the Libra Association, would be based there. They had also already registered as a company there back in May.

“Because the (Libra) Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA),” explained top boss at Facebook, David Marcus. Continuing he revealed they “have had preliminary discussions with FINMA and expect to engage with them on an appropriate regulatory framework for the Libra Association.”

This is opposed to the US, who were also assumed by many to be another frontrunner for the regulation of the coin considering Facebook’s HQ being based in Silicon Valley. However, it seems that this isn’t the plan. This likely makes sense from Facebook’s point of view. For two reasons.

Firstly, President Donald Trump has had his back up against cryptocurrencies, particularly Bitcoin, over the last few weeks. While secondly, the coin is already under major scrutiny from the highest levels in the US and autonomous operations would be unlikely to be possible with interference from the state almost guaranteed considering Facebook’s track record.

The Swiss on the other hand are much forward-thinking in terms of crypto. They have already outlined long term plans for the crypto legality and are one of the fastest moving in digital asset innovation. With this considered, it is no surprise that they chose to location for the Libra Association and now also, for the regulation.

Thailand Open Doors to Discussions

Meanwhile, the Bank of Thailand has announced interest in the currency at a time when many other nations were looking like they were turning their back on the project. Veerathai Santiprabhob, the governor of the bank, explained during a Fintech Fair in the nation’s capital of Bangkok that they were open to discussions with Libra. However, like many other countries and their banks, his concerns surround security and protecting customers money. Stating that they would not “rush into a decision”.

“All kinds of new digital money have been emerging, therefore the Bank of Thailand monitors all and don’t give favoritism to any particular financial service. Security in financial services is the bank’s top priority. It will take time.” He said before announcing, “Libra cannot just step in and replace all currencies and digital money.”

Even with this considered, it still a step in the right direction for the project and with a population of 69.04 million, it would be a significant step for the coin,

Register for Latest Updates & News

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News

1xBit Guide: Crypto Sportsbook & Casino

The casino and sportsbook industry continues to witness an increase in the number of platforms within the space. This creates a challenge of identifying the best and most reliable sportsbooks that will offer you the most impressive services. In this guide, 1xBit shall be reviewed in terms of its service offerings and unique features that […]

11 January, 2022

XBE Community Launches a $500k Bug Bounty

Decentralized technology is built to attract the smartest and brightest brains from all over the world to work towards a common goal: free and fair financial systems. Despite the uncertainties surrounding future laws, DeFi protocols are rapidly adapting and growing to provide new ways for individuals to obtain more value from their money. And this […]

28 December, 2021

11 Biggest Sponsorships Deals for the Crypto Market in 2022

The global sports industry is looking to revamp its activities and recover from the after-shocks of the COVID-19 pandemic. Cryptocurrency platforms on the other hand have enjoyed immense growth and are searching for big platforms that can provide better brand visibility. That’s where sports and crypto make a perfect match with many global sports organizations […]

1 December, 2021

ChangeNOW Unveils a New Cashback Feature

ChangeNow offers crypto users smooth exchanges and doesn’t stop there. The exchange platform provides registered users a chance to profit from crypto swaps with cashback in NOW tokens through the ChangeNOW website. The cryptocurrency exchange and processing platform offer you an effortless way to turn your traffic into profit and boost your crypto journey. The […]

15 November, 2021

Celsius Casino is Raising the Temperatures with a Voluminous Game Lobby

Celsius Casino has become a go-to gaming destination for casino fans looking for an action-packed online gaming platform. The online casino boasts a robust game catalogue with over 4,000 games. The extensive game portfolio caters to Slots, Table Games, and Live Casino fanatics and is powered by well-known providers such as Evolution Gaming, NetEnt, and […]

9 November, 2021

ChangeNOW Has Announced the Release of its Own Digital Wallet

Limitless and swift crypto exchange platform ChangeNOW has released its own non-custodial NOW Wallet, facilitating fiat to crypto purchases and reliable crypto transactions from the comfort of a mobile phone. NOW Wallet is available in beta version for both iOS and Android devices and allows users to transact with over 20,000 currency pairs, regardless of […]

29 October, 2021

BitPanda Enhances Its BEST Rewards Programme

The EU-based cryptocurrency exchange, BitPanda, has improved its loyalty programme, BEST Rewards. It is now providing owners of its BitPanda EcoSystem Token (BEST) an additional 12% in potential revenue each year. Every registered BitPanda user who has BEST in his or her wallet and carries out at least one monthly trade will be eligible for […]

25 October, 2021

ChangeNOW’s AML Action Lead To The Return Of $15M COMP

Earlier this week, ChangeNOW announced that it was able to identify and return 45,505 COMP back to Compound. The estimated value of this recovery is around the $15m mark. This remarkable achievement is further proof of the effectiveness of the exchange’s Anti-Money Laundering (AML) procedures. In an announcement made on ChangeNOW’s website, the company provided […]

6 October, 2021