The Swiss Financial Markets Supervision Authority (FINMA) has published an addendum to the existing Initial Token Offerings (ICO) Guide. Focused on the so-called stable coins (stablecoins), it pays special attention to the digital currency Libra from Facebook.

In a document published on Wednesday, September 11, FINMA confirmed that the Geneva-based Libra Association was asking the regulator to bring its operations in line with Swiss law.

According to FINMA, based on the Financial Market Infrastructure Act, in its current form, digital currency from Facebook requires a payment system license. Its issuance implies that companies are taking sufficient measures to manage cybersecurity risks and combat money laundering.

The regulator also noted that any additional services that may increase the risks of the payment system will require additional regulation.

“In connection with the release of Libra payment tokens, the services planned by the project clearly go beyond purely payment systems and therefore are subject to additional requirements,” the FINMA management said.

These additional requirements apply to the proposed allocation of capital by the Libra Association for credit, market and operational risks, risk concentration, as well as liquidity and Libra Reserve management, the regulator noted.

Regarding the stablecoins directly, they, according to FINMA, are subject to the current rules for regulating tokens on the blockchain, however, they can be regulated by special conditions depending on what assets are used to secure them: currencies, exchange goods, real estate or securities.

“The projects of individual stablecoins can vary significantly in legal, technical, functional and economic terms. For this reason, the development of a generalized classification is not possible. Money laundering, securities trading, banking, asset management and financial infrastructure regulation – all of these issues may be relevant to stablecoins, ”the document says.

Recall, earlier in September, a member of the Executive Board of the European Central Bank, Yves Mersch, said that the Libra project from Facebook poses a threat to both monetary policy in the EU and end users of digital currency.

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