Swiss Regulators Worry About Cryptocurrency Developing Dark Corners

Foto: © Philipp Zinniker

Mark Branson, chief executive of the Swiss Financial Market Regulatory Authority (FINMA), said at an event in Zurich, Switzerland, that it is now more concerned about the development of Libra than Facebook, and is worried about other cryptocurrency projects that are outside the scope of government regulation. As for Libra, it will accept anti-money laundering in the banking system under a strict regulatory environment.

Facebook’s cryptocurrency project Libra is registered in Geneva and is basically regulated by Switzerland. However, many global regulators are closely watching and hope to monitor Libra’s local development. Branson stated that he would respond with an open mind when supervising Libra. “We are not here to make such projects impossible.” He pointed out that the Swiss authorities will deal with the same risks with the same regulations, and the relevant regulations and standards.

However, Branson believes that other cryptocurrency projects are more worrying if they are not developed under supervision. “I am more nervous about the projects that have been developed in the vignetting of the financial system. I am worried that these projects will expand too much in the digital world and will not stop.” He pointed out that other cryptocurrency projects should have higher transparency.