Blockchain associations from Australia, Singapore, Malaysia, Thailand, Indonesia and the Philippines have formed the ASEAN Blockchain Consortium (ABC) to develop cryptocurrency projects.
The countries signed a memorandum of understanding, deciding to join forces to develop blockchain in the Asia-Pacific region. The ABC includes the Blockchain Association of Singapore (BAS), Blockchain Australia, the Philippine Distributed Ledger Technology Association, Labuan International Business and Financial Center (Malaysia), the Digital Asset Operators Association of Thailand, and the Indonesian Blockchain Development Association.
The new consortium’s efforts will focus on working with regulators to ensure cryptocurrency firms are in compliance with regulatory requirements. In addition, training workshops will be held to raise awareness of the cryptocurrency industry for regulators and government agencies. Several government officials took part in the creation of ASEAN Blockchain. Among them are Senior Adviser to the Minister of Economic Affairs of Indonesia, Edi Prio Pambudi, and Sopnendu Mohanty, Head of Fintech, Singapore Monetary Authority.
BAS Chairman Chia Hock Lai said that despite the development of blockchain and digital assets, the joint efforts of Southeast Asia and Australia will ensure the healthy and sustainable growth of these industries. “This is the best time for that,” Lai said, noting that the launch of the new consortium is due to the growing popularity of blockchain among various international companies. Firms are ready to introduce the latest technologies to automate their business processes to save time and transparently interact with partners.
Recall that last fall, the Australian Border Guard began testing the blockchain for international trade and the exchange of electronic documents with Singapore. In addition, at the end of the year, the Singapore government pledged to invest $ 9 million to develop blockchain-based projects that will help improve the city’s life.
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