Swiss watchdog FINMA says Libra licensing process initiated

Swiss supervisor FINMA has received cryptocurrency project Libra's application for a payment system license, it said on Thursday after the Geneva-based association announced a major revamp of its planned payments system and oversight by global watchdogs.

"The Swiss Financial Market Supervisory Authority FINMA has received an application from the Geneva-based Libra Association for a payment system license. This marks the start of the licensing process under Swiss supervisory law," FINMA said in a statement.

"As is usual for new projects and start-up licenses, the application is not complete in all particulars, but allows FINMA's formal licensing process to commence," it added, noting the outcome and duration of the procedure remain open.