According to a notification issued by FINMA, the regulator has confirmed that stablecoins will be treated just like any other blockchain-based token in Switzerland, September 11, 2019. The Libra Association requested FINMA to disclose how the network would be treated, and the regulator has stated that Libra will be classified as financial infrastructure.
Technology Neutral Regulation
After witnessing the reaction of different countries to both Libra and cryptocurrencies in general, Switzerland’s approach to regulating Libra is incredibly refreshing. Seeing a major country harness the power of technological innovation and not shun it based on inconsistent agendas is truly noble.
The Swiss financial market regulator classifying stablecoins on par with other blockchain tokens is…