The Swiss Financial Market Supervisory Authority (FINMA) have had their say on the Swiss-based Libra associations project.
On a general document about stablecoins they seem to mention the project a few times but also said they have seen a steady increase in stablecoin applications.
The main takeaway in regards to Libra is outlined in this quote below:
Under the FMIA, all additional services that increase the risks of a payment system must be subject to corresponding additional requirements. This means that all the potential risks of a Swiss payment system, including bank-like risks, can be addressed by imposing appropriate requirements in line with the maxim ‘same risks, same rules’. Due to the issuance of Libra payment tokens, the services planned by the Libra project would clearly go beyond those of a pure payment system and therefore be subject to such additional requirements.
These additional requirements would relate in particular to capital allocation (for credit, market and operational risks), risk concentration and liquidity as well as the management of the Libra reserve.
So this means it is not just a payment licence that Libra needs. They will need a full regulatory framework as the coin will be backed by collateral including debt and assets.
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