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 leger 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
- Toolkits – Collaboration between industry members and policymakers to develop toolkits to foster an ecosystem of compatible market infrastructures where service providers operate under industry norms to achieve regulatory compliance objectives.
- Application – Engage industry members to pilot and/or implement these toolkits on their platforms. Insights gathered from these application cases will be continuously reviewed, enabling iterative enhancements to the toolkits to ensure relevance with the evolving landscape.
Participating Industry Members and Policymakers
Global Financial Institutions
Policymakers
All rights are reserved.