ALBANY, N.Y.—Facebook has applied for the New York BitLicense issued by the New York State Department of Financial Services for its Libra crypto project.
Every crypto project that wants to operate within the state of New York has to acquire a BitLicense.
“Additionally, other sources reveal that Facebook is also in talks with regulators in the United Kingdom and Switzerland. Not only that, a few experts say that Facebook will need to comply with hundreds, maybe even thousands of different regulatory standards,” Coinspeaker said.
“They will not get a free pass anywhere… And, given their intention to be global, they will ultimately need literally hundreds, perhaps thousands, of licenses from hundreds of different regulators across the globe,” said Sean Park, the founder and chief investment officer at venture investment firm Anthemis.
Since Facebook announced their new Libra project, the U.S. government has ordered the company to pause the project until they conduct a hearing this month.
Critique Welcomed
Coinspeaker noted that Facebook said it welcomes this critique.
“The scrutiny that we’ve seen is something that we expected and welcome… We announced this early by design in order to have this discourse in the open and gather feedback,” the company stated.