Swiss Regulator Fears Crypto's Dark Corners, Libra Not So Much

Mark Branson, head of Swiss financial supervisor FINMA, said that he is more concerned with the dark corners of cryptocurrency than he is with Facebook's stablecoin Libra.

"I am much more nervous about projects which develop in a dark corner in the financial system somewhere, spread themselves out through cyberspace and one day are too big to be stopped."

"We are not here to make such projects impossible. We will respond to them with an open mind, with an attitude that same risks require same rules. Our rules and standards are non-negotiable."

Switzerland ready to approve LibraCointelegraph previously reported that while some of Europe's regulators are ready to block private "Parallel currencies," Branson stated earlier in September 2019 that the project fits perfectly into their existing regulatory framework.

"We have just published a guide on how to classify stablecoins under Swiss law. And we show: it does not need new laws. The risks are well known, for example regarding money laundering, customer protection, system stability. There are already regulations for all of these."