Global Layer One
Foundation Layer for Financial Networks
About Global Layer One (GL1)
Global Layer One (GL1) is a collaborative initiative between the public and private sectors to foster the development of a multi-purpose, shared ledger infrastructure, that will facilitate seamless cross-border financial transactions.
Motivation
Despite good 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
- Support the creation of multi-purpose networks.
- Enable applications ranging from payments, capital raising to secondary trading to be deployed.
- Provide a foundational infrastructure for hosting and executing transactions involving tokenized assets.
- MEncourage the development of internationally accepted common principles, policies and standards to ensure asset and application interoperability internationally and across networks. Read more in the GL1 Whitepaper.
GL1 Focus Areas
Platform Development
- Support the development of a foundational infrastructure for hosting and executing transactions involving tokenised assets*.
- Operating companies may be set up to build and run GL1 infrastructure
*Tokenised assets may be assets across asset classes such as equities, fixed income, fund shares, etc.) or monies (e.g. commercial bank money, central bank money).
Ecosystem Development
- Principles – Alignment on governance, risk management controls and settlement arrangements conventions for cross border transactions.
- Specifications – Development of specifications for market infrastructures and asset lifecycle.
- Templates – Creation and provision of templates including programmable compliance checks to build an ecosystem of compatible service providers.
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