The ASEAN Blockchain Consortium has established six blockchain associations from ASEAN and Australia virtually signed a memorandum of understanding (MOU). Singapore, Indonesia, the Philippines, Malaysia’s Labuan territory, Thailand, and Australia are represented.

The stated goal is to work together to increase blockchain and digital asset awareness and adoption and engage with regulators. The Blockchain Association of Singapore was the driving force behind the creation of the consortium (BAS).

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With blockchain’s current high profile, its chairman Chia Hock Li clarified that the timing was ideal. “In blockchain regulations, we are seeing growing regulatory certainty and urgency,” he said. “The digital assets industry is also seeing an increase in institutional interest.”

He listed DBS Bank’s decision to sell crypto-assets to high-net-worth individuals and institutions in Singapore and other foreign moves by PayPal, Visa, Mastercard, JP Morgan, and Goldman Sachs. Finally, he mentioned the growing number of large-scale blockchain deployments, especially in trade finance.

The consortium’s six participants are:

– Asosiasi Blockchain Indonesia (ABI)
– Blockchain Association Singapore (BAS)
– Distributed Ledger Technology Association of the Philippines (DLTAP)
– Labuan International Business and Financial Centre (Labuan IBFC)
– Thailand Digital Asset Operators Trade Association (TDO)
– Blockchain Australia (BA)

As the blockchain industry matures, there is a greater need for regulators to understand legal compliance.

The ASEAN blockchain consortium signed MOU’s from from Australia, Singapore, Malaysia, Thailand, Indonesia and the Philippines. Alongside several state representatives . pic.twitter.com/M8Plw2ppkc

— REIMAGINE – Web3 Events and Media (@REIMAGINE_2021) April 27, 2021