According to BlockBeats, on November 4, the Monetary Authority of Singapore announced that HSBC and Euroclear have joined its Global Layer One (GL1). GL1 aims to promote the development of basic digital infrastructure and support the deployment of commercial networks.
Since its launch, global core banks including 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 for the GL1 platform.
In addition, GL1 will establish a new Market Infrastructure Working Group, comprised of global financial market infrastructure providers, to focus on control principles for digital asset securities and undertake additional activities including control principles, specifications, and compliance by design.