Global Layer One (GL1)
Foundation Layer for Financial networks
A collaborative initiative between the public and private sectors to foster the development of open, interoperable, shared ledger infrastructures to facilitate seamless cross-border financial transactions while meeting regulatory expectations.
GL1 Programmable Compliance Toolkit (preview)
The Programmable Compliance toolkit provides a framework for automated compliance checks and the enforcement of policy and regulatory requirements, such as anti-money laundering and capital flow management measures, in real time.
Motivation
Despite significant progress in asset tokenisation experimentations and pilots, the lack of suitable financial networks and technical infrastructures which financial institutions may use to execute digital asset transactions is limiting financial institutions’ ability to deploy tokenised assets at commercial scale.
To enable seamless cross-border transactions and unlock the full value of DLT, regulatory-compliant infrastructures that are designed around openness and interoperability are required.
Objectives of GL1
- Foster the development of open, interoperable, shared ledger infrastructures for hosting and executing transactions involving tokenised assets.
- Enable applications such as payments, capital raising and secondary trading to be deployed on these platforms.
- Encourage the development of internationally accepted common principles, policies and standards to ensure asset and application interoperability internationally and across networks.
GL1 Focus Areas
Standards Development
- Principles - Alignment on governance, risk management controls and settlement arrangements conventions for cross-border transactions.
- Specifications - Development of specifications for market infrastructures, including business, governance, risk, legal and technology requirements, as well as asset lifecycle.
- Templates - Creation and provision of templates, including programmable on-chain compliance checks, to foster an ecosystem of compatible service providers.
Ecosystem Engagement
- GL1 Forum – The GL1 Forum convenes participating industry members and policymakers on a quarterly basis. The forum facilitates discussions on matters such as updates on existing principles, standards or templates, and industry application cases.
- Public-private sector dialogues – Public-private sector dialogues involving a broader set of financial institutions and policymakers are held to provide avenues of engagement with new financial institutions, policymakers and the wider industry.
Participating Industry Members and Policymakers
Global Financial Institutions
Policymakers
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