Khai Uy Pham

The objective of this roundtable is to bring together regulators, financial institutions, and technology leaders, to advance industry thinking on the use of permissionless blockchain in financial services.

Key outcomes of this roundtable:

1. To identify why permissionless blockchains have not made significant inroads with industry incumbents, exploring whether the hurdles are primarily commercial, regulatory, reputational, or a lack of expertise
2. To explore how financial services can be provided on transparent, permissionless and immutable blockchain while advancing the goal of consumer protection
3. To assess the challenge posed by the fragmented landscape of blockchain infrastructure and brainstorm potential solutions to enable greater interoperability

The proliferation of tokenized financial assets across distinct networks has created significant challenges for both the private and public sectors, including issues of interoperability, scalability, regulatory compliance and security. A base layer foundational digital infrastructure, which facilitates interoperability and supports secure transactions of tokenised assets across such networks, could address these challenges while unlocking new opportunities for economic growth.

Global Layer One (GL1) is a collaborative initiative between the public and private sectors to foster the development of multi-purpose, shared ledger infrastructures, that will facilitate seamless cross-border financial transactions while meeting regulatory expectations. More information about GL1 may be found at

The GL1 Dialogue is a series of in person public-private dialogues to facilitate broader industry engagements around GL1. These dialogues seek to bring together financial institutions and policymakers to discuss and learn about developments in financial and asset tokenisation, and features key milestones and progress under GL1. This roundtable will discuss the regulatory and operational considerations in building an ecosystem of regulatory compliant digital infrastructure for tokenised financial transactions.

As governments and institutions grapple with regulating Layer 1 blockchains, approaches vary widely - from integrating permissionless technologies within structured regulatory environments to favouring permissioned measures for greater oversight.

This panel will explore how Layer 1 protocols influence regulatory strategies, examining challenges such as decentralized governance, tax policy complexities, and AML/KYC compliance, as well as how emerging approaches, such as decentralised blockchain protocols, can support organisations in achieving their regulatory objectives. What approaches can regulators and industry leaders take to support blockchain innovation and interoperability while safeguarding economic stability and compliance?