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Swiss watchdog FINMA says Libra licensing process initiated

ZURICH, April 16 (Reuters) - Swiss supervisor FINMA has received cryptocurrency project Libra’s application for a payment system licence, 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 licence. 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 licences, 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. (Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)