According to BlockBeats, on November 4, the Monetary Authority of Singapore (MAS) announced that HSBC and Euroclear have joined its Global Layer One (GL1) initiative. GL1 aims to promote the development of foundational digital infrastructure and support the deployment of commercial networks. Since its launch, major global banks such as Bank of New York, Citibank, JPMorgan Chase, MUFG Bank, and Societe Generale-FORGE have been working to define the business, governance, risk, legal, and technical requirements of the GL1 platform.
In addition, GL1 will establish a new market infrastructure working group composed of global financial market infrastructure providers. This group will focus on principles for controlling digital asset securities and will engage in additional activities, including control principles, standards, and design compliance.