The Libra Affiliation, the group accountable for overseeing Automobilnews‘s proposed cryptocurrency, stated Wednesday it’s going to apply for a funds license in Switzerland.

The Geneva-based non-profit stated in a press launch it had submitted a request to the Swiss Monetary Market Supervisory Authority (FINMA) to make clear how the libra coin shall be regulated underneath Swiss guidelines. FINMA confirmed Wednesday it had obtained the Libra Affiliation’s request.

The information signifies the Libra Affiliation is doubling down on its choice make Switzerland its essential supervisory authority, regardless of some pushback from U.S. lawmakers and regulators.

“The selection of Switzerland as the house for the newly established Libra Affiliation, which when absolutely developed could have a various group of member organizations spanning know-how, monetary companies, social impression organizations and enterprise capital, amongst others, harnesses Switzerland’s position as a nucleus for worldwide organizations,” the Libra Affiliation stated within the press launch.

The Libra Affiliation is an impartial nonprofit tasked with overseeing the proposed digital foreign money known as libra. Automobilnews, together with 27 different firms together with Visa, Mastercard and PayPal, are founding members of the group. The objective of the digital foreign money, Automobilnews says, is to supply a fast, low-cost method for individuals all over the world to switch cash.

Regulators have been extremely skeptical of Libra, citing dangers like cash laundering, monetary stability and terrorism financing. FINMA stated Swiss fee methods are robotically topic to the “highest worldwide anti-money laundering requirements.”

“As a result of issuance of Libra fee tokens, the companies deliberate by the Libra undertaking would clearly transcend these of a pure fee system and subsequently be topic to such further necessities,” FINMA stated.