The Calibra wallet is also preparing for the harsh regulatory climate, by opening a position for a compliance expert. The position comes with a heavy reporting responsibility, as the person would advise the company on the newest requirements:
“Our team is looking for a leader for designing and implementing a global Sanctions Compliance program. You will lead the identification and analysis of our regulatory requirement and create policies, procedures and controls to ensure Calibra is fully compliant with all Sanctions requirements.”
The person will also have to coordinate Calibra with existing Facebook services, and go on to build an entire compliance team.
Calibra’s move to create a compliance team is also a first in the world of crypto assets. Until now, wallet creation and operation was completely unregulated. Multiple projects could simply copy the open-source code of several widely available wallets, and adapt the product to their coin or token.
Calibra, however, will face almost the same challenges as the Libra product, since it would be the main tool to access a worldwide payment system. Facebook and the Libra Association will be facing talks in the coming months, with the goal of a final launch in early 2020. Currently, the European Commission is doing exploratory research on Libra, and Swiss authorities are exploring the approach and influence of the Libra Association.
Facebook’s Libra arrives at a time when Bitcoin (BTC) dominates the markets. Older altcoins that promised to create more agile, global payment systems, are losing their appeal. Facebook’s Libra will have to present a case for being the legalized version of altcoins, also competing with fintech apps.
The Calibra wallet will be a stand-alone app, but will also be integrated with some of the chat services in Facebook’s portfolio:
The app will have a limited launch in India and other regions, which are still discussing the legality of Libra and the potential to foster a grey economy.