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Swiss are welcome to review it is to deal with the Scale cyrptocurrency: watchdog

ZURICH (Reuters) – France welcomes international scrutiny of the way in which the monitoring of the Facebook-led Scale cryptocurrency of the project, and its willingness to cooperate with other countries in order to ensure the smooth controls, the highest of switzerland’s financial watchdog said.

FILE PHOTO: A small piece of a toy figure standing on the representations of the virtual currency in the front end of the Scale, the logo in this illustration picture the 21 of June, 2019 at the latest. REUTERS/dado Ruvic/Image/File Photo

Facebook (FB.(O), the world’s largest social media network, announced plans in June to launch the new digital currency, but the Geneva-based Scale has come under fire from regulators, who fear it could destabilize the global financial system.

The Scale of the Association, said on Wednesday it planned to apply for a Swiss license for the transfer, and the casting of the viewer as to how the Swiss Financial market Supervisory Authority (FINMA) to deal with the matter.

FINMA’s head Mark Branson also told the Neue zuercher said Which was that he was up for the challenge.

“As a financial centre has the ambition, it will need to be able to cope with the attention,” he said in an interview published on Thursday, pointing out that the Swiss embrace of the fintech it’s a good place for the handling of such an innovative and ambitious projects.

This was done in order to work with people from other countries who are interested in the monitor, if the visit of a top-level government officials from the u.s., as well as warnings from the Group of Seven advanced economies, have been demonstrated.

“A project of global importance and can be tackled only through international co-ordination and consultation with other regulators and standard-setting bodies,” Branson said. “It is an illusion to believe that one country can control, and control of a project if the Scale is on it’s own. The supervision of Swiss banks UBS (UBSG.S) and Credit Suisse (CSGN.Also do not place it in complete isolation.”

A great deal of concern about the Scale and other cryptocurrencies centers on the potential for abuse, for the purpose of money laundering or the financing of criminal activity.

“Our approach is focused on the regulation of the crypto-world, in terms of the purpose of the funds is the same as in the conventional financial world. Our requirements here are just a few of the highest worldwide,” Branson said.

At the same time, new technologies can also offer benefits in the fight against money laundering, such as the traceability of transactions is fully. So, there are risks and benefits.”

Center to ensure that the Scale of project is not to choose of Switzerland, in the basis of a “beauty contest” in order to see the face of the lightest regulatory touch.

“Our first point of contact with the initiators of the project took place after the decision in the case of Switzerland had already been made and communicated. And that’s a positive,” he said.

Reporting by Michael Shields; Editing by Simon Cameron-Moore

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