GENEVA: Switzerland’s market watchdog confirmed Thursday that it is contact with the “initiators” of Facebook’s new cryptocurrency, as questions mount over how the money will be regulated.
Switzerland has tried to establish itself as a global cryptocurrencies hub, but the entry into the market of a behemoth like Facebook will increase scrutiny over the rules Switzerland has in place.
“We can confirm that we are in contact with the initiators of the project,” a spokesman for the Swiss Financial Market Supervisory Authority (FINMA), Tobias Lux, told AFP in an email.
The Libra coin plan, launched this week by Facebook and some two dozen partners, is being overseen by a Geneva-based nonprofit called the Libra Association.
Lux declined to comment on the details of FINMA’s exchanges with the Libra Association but said the watchdog’s role was to determine “whether the planned services require approval under Swiss supervisory law and, if so, which.”
The Libra Association has said it registered in Switzerland because the wealthy Alpine nation has “a history of global neutrality and openness to blockchain technology.”
But given Facebook’s international reach, global regulators are unlikely to leave supervision of Libra entirely to the Swiss.
The US Senate committee on banking, housing and urban affairs announced on Wednesday that it would hold hearings next month on “Facebook’s proposed digital currency and data privacy concerns.”
Bank of England Governor Mark Carney has said the Facebook project required scrutiny while French Finance Minister Bruno Le Maire warned Libra cannot be allowed to replace sovereign currencies.
Switzerland, a long-standing global banking hub, has made a series of moves to attract nascent cryptocurrency businesses, including tax breaks and logistical support.
The northern town of Zug has been dubbed “Crypto Valley” because of the influx of virtual currency firms.
Swiss watchdog ‘in contact’ with Facebook cryptocurrency backers
Swiss watchdog ‘in contact’ with Facebook cryptocurrency backers
- Switzerland is trying to establish itself as a global cryptocurrencies hub
- The Libra coin plan, launched this week by Facebook, is being overseen by a Geneva-based nonprofit called the Libra Association
Kingdom aims to localize 340k jobs with new phase of ‘Nitaqat’ Saudization program
RIYADH: More than 340,000 additional jobs are set to be localized for Saudi nationals as part of a new three-year phase of the Kingdom’s enhanced “Nitaqat” program.
According to a press release from the Ministry of Human Resources and Social Development, the initiative aims to reinforce labor market sustainability and advance the goals of the Kingdom’s Vision 2030 economic transformation agenda.
This new phase builds upon the program’s successes since its initial revamp in 2021.
Minister of Human Resources and Social Development Ahmed bin Sulaiman Al-Rajhi said: “The experience of the previous stages has confirmed the ability of the Saudi citizen to succeed in various professions, which formed a solid foundation for launching a new phase of the program.”
This comes as the Kingdom mandated a 60 percent localization rate for key marketing and sales professions. The decisions, announced on Jan. 19, will be enforced after a three-month grace period, giving companies time to comply.
Backed by incentives for compliant firms and based on labor market studies, this undertaking aims to create quality, stable job opportunities for Saudi nationals.
Al-Rajhi emphasized that the new “Nitaqat” program stage was designed to balance the drive for increased localization with the continued growth and competitiveness of the private sector.
He added: “This launch reflects our ongoing commitment to empowering national competencies and enhancing their effective participation in the labor market.”
For his part, the Vice Minister of Human Resources and Social Development for Labor, Abdullah Abuthnain, explained that the ministry conducted comprehensive analytical studies of all sectors and establishments. These studies informed the proposal of realistic, tailored localization targets that consider the nature of businesses and market conditions, supported by a proven pool of qualified national talent.
“This step will contribute to enhancing job stability, raising productivity, and achieving genuine sustainability for the labor market,” Abuthnain added.
The ministry affirmed that the new “Nitaqat” phase will enhance citizen participation in the workforce, create quality job opportunities, and achieve a sustainable balance between supply and demand. This initiative is projected to support the growth of the national economy and bolster long-term private-sector confidence.
