Blockchain organisations from Australia, Singapore, Malaysia, Thailand, Indonesia and the Philippines have decided to enter into a partnership in order to promote blockchain technology. The Blockchain Association Singapore (BAS) has initiated a memorandum of understanding between the organizations. The MoU has resulted in the formation of a new blockchain consortium dubbed as ASEAN Blockchain Consortium.
The ASEAN Blockchain Consortium comprise of Blockchain Australia, Phillipines’ Distributed Ledger Technology, Labuan International Business and Financial Centre of Malaysia, AsosiasiBlockchain Indonesia, and Thailand Digital Asset Operators Trade Association. This initiative if the first of its kind – taken to promote blockchain technology.
The new blockchain consortium not only plans to educate on blockchain technology and promote it but also help cooperate with regulators to ensure legal compliance in the industry. The consortium was much needed by the cryptocurrency industry as regulators throughout the world are struggling with cryptocurrencies and a huge part of the struggle is blockchain education – or lack thereof. Being a relatively new technology, not many are well-versed in blockchain and cryptocurrencies which leads to unnecessary complications especially with even novel innovations like non-fungible tokens.
The crypto industry has grown phenomenally in the past few months. From big institutions to small scale traders, everyone has realized the value the technology holds and mass adoption of cryptocurrencies and block chain technology appears to be imminent now. Southeast Asia and Australia has seen some of the highest numbers of cryptocurrency adoption recently which makes the ASEAN Blockchain Consortium the right step taken at the right time. The Consortium also makes a new leap in the adoption of the cryptocurrency industry.