Yesterday the Monetary Authority of Singapore (MAS) announced the completion of the first phase of its Global Layer One (GL1) initiative for tokenization and released a report. GL1 is envisaged as a public permissioned DLT network developed by regulated institutions for use by the financial industry. When the concept was first shared, BNY Mellon, JP Morgan, DBS and MUFG were announced as participants. DBS has been dropped with Citi and Societe Generale Forge now involved.
“This initiative could accelerate the modernisation of legacy systems through interoperability, increased asset mobility, and new business models,” said Puneet Singhvi, Global Head of Citi Digital Assets. “The future establishment of the GL1 Org would mark a key milestone in developing this vision through private-public dialogue and broad engagement around open standards.”
The idea of a shared ledger for regulated institutions is not new, with the Regulated Liability Network being the first, followed by the Unified Ledger and the IMF’s XC concept.
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