Five Global Banks Establish GL1 Organization for Tokenized Market Standards
What happened
Five global banks—HSBC, MUFG Bank, Standard Chartered, Kinexys by JPMorgan Chase, and Societe Generale-FORGE—jointly established the Global Layer One Organization (GL1 Org) in Singapore. The organization was formed to support common standards and frameworks for tokenized financial markets. GL1 Org builds upon the Global Layer 1 (GL1) initiative spearheaded by the Monetary Authority of Singapore.
From sbr.com.sg
Why it matters
GL1 Org will advance the adoption of frameworks developed by MAS’ GL1, including the GL1 Market Infrastructure (MI) Toolkit and the GL1 Programmable Compliance (PC) Toolkit. The organization transitions GL1 into an industry-led body, supporting the continued development and adoption of these standards across the sector.
From sbr.com.sg
Who's involved
- Monetary Authority of SingaporeSpearheaded the Global Layer 1 (GL1) initiative
- HSBCFounding member of the Global Layer One Organization
- Standard CharteredFounding member of the Global Layer One Organization
- MUFG BankFounding member of the Global Layer One Organization
- JPMorgan ChaseFounding member of GL1 Org via Kinexys
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- JPMorgan ChaseSpeculative
JPMorgan Chase might increase its revenue from digital asset services by setting tokenized market standards.
- FireblocksSpeculative
Fireblocks could see increased demand for compliant digital asset infrastructure due to GL1 standards.
Keep exploring
The entities involved
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Monetary Authority of Singapore
registration authority
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Singapore
sovereign island country and city-state in maritime Southeast Asia
Related events
- MAS operates within Singapore's financial system.
- Chee Hong Tat has been appointed as the Deputy Chairman of the Monetary Authority of Singapore (MAS).
- Standard Chartered coordinated a loan for data center facilities in Singapore, involving entities in Malaysia.
- Robinson has been appointed as the chief economist for the Monetary Authority of Singapore (MAS).
- MAS is advancing institutional experimentation around tokenized finance while Luna PR expands its footprint in Singapore and Hong Kong.