Facebook's Libra cryptocurrency has applied for guidance on obtaining a payment licence from Swiss regulator Finma, prompting the financial watchdog to update its rulebook on the treatment of stable coin projects. In the supplement to its Guidelines on Initial Coin Offerings (ICOs), Finma says its treatment of stable coins follows the existing approach taken to blockchain-based tokens, with a focus on the economic function and the purpose of a token on a case-by-case basis. The watchdog says Libra's approach would require a payment system licence under the Financial Market Infrastructure Act (FMIA). Finma says the ... (full story)