MAS announces HSBC and Euroclear join Global Layer One and establishes Market Infrastructure Working Group

According to official sources, Singapore's Monetary Authority has announced that HSBC and Euroclear have joined its Global Layer One (GL1) initiative. GL1 aims to promote the development of basic digital infrastructure and support the deployment of commercial networks. Since its launch, global core banks such as New York Bank, Citibank, JPMorgan, Mitsubishi UFJ Bank and French Bank-FORGE have been working to define the business, governance, risk, legal and technical requirements of the GL1 platform. Additionally, GL1 will establish a new market infrastructure working group composed of global financial market infrastructure providers, focusing on digital asset securities control principles and conducting additional activities including control principles, standards, and compliance design.