The new ASEAN blockchain consortium aims at cross-border cooperation

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Blockchain associations from Australia and five Southeast Asian countries are joining forces to promote the development and formation of blockchain.

Blockchain organizations from Australia, Singapore, Malaysia, Thailand, Indonesia and the Philippines signed a memorandum of understanding on Thursday to promote blockchain collaboration in the Asia-Pacific region, the Business Times reports.

The MoU, initiated by the Blockchain Association Singapore (BAS), aims to work with regulators to ensure compliance with laws and raise awareness and education in the industry through a new blockchain consortium called the ASEAN Blockchain Consortium (ABC).

The ABC includes BAS, Blockchain Australia, the Distributed Ledger Technology Association of the Philippines, the Labuan International Business and Financial Center in Malaysia, the Thailand Digital Asset Operators Trade Association, and Asosiasi Blockchain Indonesia.

Several state officials attended the MoU event, including Edi Prio Pambudi, Senior Advisor to Indonesia’s Coordinating Economy Minister, and Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore. The initiative is the first collaboration between blockchain organizations in Southeast Asia and Australia, BAS said.

“The growth in the digital asset and blockchain industry is tremendous and BAS is proud to work with our colleagues in Asean and Australia to continue to support the growth of the industry at a healthy and sustainable pace,” said Chia Hock Lai, chairman from BAS.

“There’s no better time to do this than now,” the executive added, noting that institutional interest in the industry is growing, including recent crypto moves by DBS Bank in Singapore, which launched a crypto trading platform in December 2020 .

The start of the consortium takes place in the course of the increasing introduction of cryptocurrencies in Southeast Asia and Australia. According to Statista, Southeast Asia was among the top regions in terms of crypto adoption last year. 20% of Filipino respondents said they used crypto in 2020. Also in Australia, the industry has gained almost 20% momentum from Australian adult respondents who claimed they owned crypto last year as well.