Facebook will attract the attention of several financial regulators when it makes its cryptocurrency, Libra coin, available here, according to a lawyer specialising in blockchain and cryptocurrency.In a note to clients, Piper Alderman partner Michael Bacina said: "In the past Australian regulators have indicated that cryptocurrencies are too small relative to the marketplace to warrant specific regulation or attention, but the Libra project brings potentially more than 1.5 billion users if integrated fully into Facebook's suite of software offerings."Such a potential user base will catapult the issue of regulation of blockchain, distributed ledger technology and cryptocurrencies to the attention of global and Australian regulators."Bacina said under ASIC's current approach, Libra may well be classified as a managed investment scheme or a financial product, requiring compliance with disclosure and licensing requirements under the Corporations Act.Libra gateways offering fiat-to-Libra exchange, will "almost certainly" be treated as digital currency exchanges under the Anti-Money Laundering and Counter Terrorism Financing Act, requiring registration and an AML/CTF program.Wallet services or facilitation of payments using the Libra blockchain may constitute non-cash payment facilities or custody services, which would require an Australian Financial Services Licence.In its announcement last week, Facebook said it would participate in but not control the new token, which will be governed by the Libra Association, an independent not-for-profit organisation headquartered in Geneva.Libra coin is designed to be a stable digital currency, backed by a reserve of real assets, known as the Libra Reserve, and supported by a network of exchanges where Libra coins can be bought and sold.A point of difference is that Libra coins will not be pegged to a single currency but a basket of currencies. "This means it will almost certainly fluctuate in value according to the value of the underlying assets and corresponding exchange rates of local currencies," Bacina said.The underlying assets will be held by a geographically distributed network of custodians with investment grade credit ratings.Interest earned on the reserve assets will be used to cover the cost of the system.Participants include a number of established payments companies, including Visa, MasterCard, Stripe and PayPal."ASIC is likely to have reservations about how Libra coins, the Libra Reserve and the Libra Association plan to conform with Australia's financial regulatory framework," Bacina said.