Facebook is a Libra looking for payment of the license by the Swiss FINMA

FILE IMAGE: Representations of virtual currency are to be displayed on the front of the monitor the logo in this illustration picture the 21 of June, 2019 at the latest. REUTERS/dado Ruvic/File Photo

ZURICH (reuters) – The Facebook-led (FB.(O) Scale cryptocurrency project that has been on the search for a system licensed by the Swiss financial watchdog FINMA said on Wednesday, in spelling, in detail, how it will be regulated.

“In switzerland, it offers a path for the responsible for financial services innovation, harmonized with the global financial standards, and strong oversight,” the Scale of the Association said in a statement. “We have been engaged in a constructive dialogue with FINMA and will be encouraged to see it as a viable path to a free and open-source blockchain network to be controlled, a low-friction, high-security system.”

A senior U.s. Treasury official visit to Switzerland, said on Tuesday that the Scale of project should be held to the highest standards, for the prevention of money laundering and the financing of terrorism, as it is to get off the ground.

Report by John Miller; Editing by Michael Shields

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