22 April 2021Asia analysis

Asian industry groups sign MoU to form the ASEAN Blockchain Consortium

A group of Asian blockchain industry associations have come together to form the ASEAN Blockchain Consortium (ABC) to strengthen cross-border cooperation in developing and promoting blockchain technology.

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) and Blockchain Australia (BA) signed a Memorandum of Understanding (MOU) to form ABC.

The six signatories will  engage with regulators to ensure the legal compliance of regulations are set out accordingly, and hope it will bring the industry to greater heights and increase the adoption of blockchain technology in Asia. It is the first time blockchain organisations in the Association of Southeast Asian Nations (ASEAN) region and Australia have collaborated to drive blockchain education and promote the adoption of blockchain technology.

The digital signing ceremony was organised by BAS, which has conducted education programmes such as the Blockchain Talent Programme with Singapore Polytechnic to educate and foster talent in Blockchain.

BAS, together with Elliptic Singapore and Global FinTech Institute, will also be launching a digital assets compliance training programme in the third quarter of 2021 to raise the level of professional competency in handling compliance of digital assets in the region.

Farah Jaafar-Crossby, chief executive officer at Labuan IBFC, said: “As a jurisdiction that is digital friendly, we believe that the promise of distributed ledger technology is only at its infancy, especially within the context of financial intermediation and inclusion. Hence, Labuan IBFC is keen to encourage its adoption and growth across the region, and believe that the MOU is a fantastic start towards this aim.”

Edi Prio Pambudi, senior advisor to the coordinating Minister for Economic Affairs in Indonesia, said: “Digital connectivity is an urgent matter during the occurring pandemic to keep the business running. Then, it is the opportunity for blockchain to reimagine digital connectivity with advanced adaptations.”

Justo Ortiz, chairman of DLTAP, added: “The MOU will allow us to share our experience and learn from other consortium members especially on the use of blockchain as a governance tool to eliminate non-value-added costs associated with trust in transactions among self-interested parties.”

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