ASEAN blockchain consortium signed to collaborate on digital asset and blockchain

by TMR / pic by BLOOMBERG

LABUAN International Business and Financial Centre (Labuan IBFC), Asosiasi Blockchain Indonesia (ABI), Blockchain Association Singapore (BAS), Distributed Ledger Technology Association of the Philippines (DLTAP), Thailand Digital Asset Operators Trade Association (TDO) and Blockchain Australia (BA) signed a Memorandum of Understanding (MOU) to form the ASEAN Blockchain Consortium (ABC) in order to foster and strengthen cross-border relationships in promoting blockchain technology.

The digital signing ceremony was backed by Dedoco, a blockchain-based digital signing platform.

Labuan IBFC in a statement today said this marks the first collaboration between Blockchain organisations across ASEAN and Australia to drive blockchain education, share knowledge on digital assets development and promote adoption of blockchain technology across ASEAN and Australia.

The MOU was signed at a virtual event organised by BAS yesterday, witnessed by Edi Prio Pambudi, Senior Advisor to the Coordinating Minister for Economic Affairs (Indonesia), and Sopnendu Mohanty, Chief FinTech Officer, Monetary Authority of Singapore (MAS).

“The growth in the digital assets and blockchain industry is tremendous and BAS is proud to collaborate with our ASEAN and Australia counterparts to further support the growth of the industry in a healthy and sustainable pace, while providing ample room for innovation,” said Chia Hock Lai, Co-chairman at BAS.

All six signatories of the MOU share a common objective and goal to serve public interest in the realm of Blockchain technology.

“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,” said CEO of Labuan IBFC Farah Jaafar-Crossby.

This MOU aims to further elevate the cooperation amongst the six organisations to bring the industry to greater heights, through their contribution to the development of the Blockchain and Digital Assets industry.

The organisations will work closely to raise awareness and increase adoption of the use of Blockchain technology.

They will also engage with regulators to ensure the legal compliance of regulations are set out accordingly.

Over the past few months, BAS has proactively engaged various stakeholders and 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 Q3 2021 to raise the level of professional competency in handling compliance of digital assets in the region.