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Will Switzerland Stand Before USA as a Libra Regulator?

Coinspeaker Will Switzerland Stand Before USA as a Libra Regulator?Switzerland is known as being crypto-friendly and a safe haven for a lot of blockchain and crypto companies for a long time now. With over 700 blockchain-related companies having a presence there, the town of 30,000 people has been dubbed “Crypto Valley.” No wonder Facebook decided to open their Libra Association in Geneva. David Marcus recently released a statement announcing that he expects the new coin to be governed by Swiss law:“Because the (Libra) Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA). We have had preliminary discussions with FINMA and expect to engage with them on an appropriate regulatory framework for the Libra Association.”On his first day of hearing in front of U.S. Congress, there was however a constantly repeated question to which Marcus didn’t have an answer: How could he reconcile the Senate’s desire that all of this crypto stuff should be primarily regulated by the US, when the Libra Association is based in Switzerland and regulated by its authorities?The truth is, a lot of US companies as Mastercard and Visa have to comply with US laws and as such – the association is regulated by the US authorities.However, an interesting thing is that right after hearing, a spokesman for the Swiss Federal Data Protection and Information Commissioner (FDPIC), Hugo Wyler, said that Facebook hasn’t reached out. He said:“We have taken note of the statements made by David Marcus, Chief of Calibra, on our potential role as data protection supervisory authority in the Libra context. Until today we have not been contacted by the promoters of Libra.We expect Facebook or its promoters to provide us with concrete information when the time comes. Only then will we be able to examine the extent to which our legal advisory and supervisory competence is given. In any case, we are following the development of the project in the public debate.”On the other hand, it could be just a matter of time because Swiss Financial Markets Supervisory Authority (FINMA) who would be the main financial regulator of Libra, who confirmed that they were in contact with initiators of the Libra project.German Bundesbank Comes Out in Favor of LibraBut it isn’t only Switzerland that is keen on Libra. During the G7 meeting, Jens Weidmann, president of Germany’s central bank, the Deutsche Bundesbank, has come out in favor of Facebook’s cryptocurrency saying that there’s no reason to be alarmed but there’s a reason to be vigilant. He also added he can not understand the skepticism of his counterpart against digital currencies like Libra. He said:“If they deliver what they promise, they can be attractive to consumers.”Nevertheless, let’s remind you that recently, G7 finance ministers issued a warning that digital currencies such as Libra pose risks for the world’s financial system if they are not regulated tightly. During a news conference on July 18, French finance minister Bruno Le Maire reportedly said that G7 “cannot accept private companies issuing their own currencies without democratic control.”Will Switzerland Stand Before USA as a Libra Regulator?
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Global Coin Research: China leads global Libra search traffic, Thailand SEC talks about its stablecoin

This twice-weekly newsletter is republished with permission from Global Coin Research, a global research firm with a focus on Asia blockchain and related technologies. You can find more resources on Asia Cryptocurrency and Blockchain at GlobalCoinResearch.com and on Twitter at @globalcoinrsrch Global Coin Research Newsletters in Chinese Top News China Leads the World in Google Searches for Facebook’s Libra. Source  Japan’s government is leading a global push to set up an international network for cryptocurrency payments, similar to the SWIFT network used by banks, in an effort to fight money laundering. Source U.S. Regulator Probing Crypto Exchange BitMEX Over Client Trades. Source  Libra’s Perceived Threat Towards the Chinese Renminbi. Source  Binance is starting to participate in staking, starting with Stellar, to airdrop 9 million Stellar. Source. Somewhat relatedly, checkout our recent piece on The Rising Trend of Exchanges Participating as EOS BPs GCR Workshop takeaways with Awa Sun Yin, co-founder of Cryptium Labs on PoS variants and East and West developer community. Awa highlights the active projects in Asia and also how its increasingly difficult for projects as some jurisdiction will start comparing incoming protocols with existing popular ones. Source Op-Ed: What to do when you are a crypto business in a prolonged market full of retail investors. Source    Investments Singapore-based market maker Altonomy Raises $7M in Funding Round Led by Polychain Capital. Source A startup founded by the Russian Waves platform team, Vostok, has been sold to one of the project’s earliest investors. Source Venture funding in blockchain tumbled 60% this year - Smart Money Said ‘Skip Bitcoin, Bet on Blockchain.’ Not Any More. Source   Coins and Mining Binance Jersey has started offering a British pound-backed Binance called GBP Stablecoin (BGBP). Source  Top-5 Crypto Tokens Pronounced ‘Dead’ — NEM and BCC Head the List. Source Circle CEO is joining Justin Sun’s meal with Warren Buffet. Source Crypto wallet Renrenbit, which raised pre-sale LEO tokens, will be one of the first to support storage and management of CKBytes, the native token of the Nervos Network. Source GCR interviews David Lee, Professor of Singapore University of Social Sciences On Libra. Source    Exchange Japan’s Exchange Bitpoint Hack Shows That Regulators’ Scrutiny Does Not Equal Safety. Source  Exchange Huobi is upgrading its current HUSD solution, transitioning it from a stablecoin basket to a new, ERC-20, USD-pegged stablecoin, HUSD Token. Source GCR Workshop #7: Everything You Want to Know about Exchange Huobi- Exchange Developments; Expansions and Product Launches. Source   Business Underground Bitcoin Business in China: $10k for Creating a Cryptocurrency run like a Ponzi scheme. Source  Tencent Security report that they monitored a Virus-ransomware named Ryuk encrypts data on an infected device and demands a ransom in bitcoin. The ransom is generally very high (recent ransom reached 11 Bitcoins, worth about 750,000 yuan). Source U.K. Releases economic crime action plan, which details regulatory action on cryptocurrencies to prevent their use in criminal activities. Source Nearly 70% of polled companies by E&Y in Asia-Pacific don’t trust blockchain technology because they are still grappling to understand how reliable it is. Over two-thirds of enterprises also lack a solid understanding of blockchain tech and how to apply it. Source   Regulation The Hangzhou Internet Court pointed out that “virtual property” attribute of Bitcoin, recognized it as a virtual property with value. Source  Taiwan is the new home for Hong Kongers seeking political safety. Source Municipal-Crypto is Spreading Around the World, in areas such as Berkeley, California, to Busan, Korea Source Thailand economist: Libra is not just about Facebook, it is about the US’s continued domination of the world financial market. Source Thailand SEC says its stablecoin won’t be employed as a fundraising tool, but instead as an e-payment medium for clearing and settlement. Source
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