Asean Blockchain Consortium formed to drive cross-border collaboration

THE Asean Blockchain Consortium (ABC) came into force on Thursday to foster and drive cross-border collaboration in promoting blockchain technology.

Organised by Blockchain Association Singapore (BAS), the participating associations inked a memorandum of understanding (MOU) at a virtual event.

Participating organisations were: Asosiasi Blockchain Indonesia, BAS, Distributed Ledger Technology Association of the Philippines, Labuan International Business and Financial Centre, Thailand Digital Asset Operators Trade Association and Blockchain Australia (BA).

The MOU event was witnessed by Edi Prio Pambudi, senior advisor to the coordinating minister for economic affairs of Indonesia, and Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore.

This event marks the first collaboration between blockchain organisations across South-east Asia and Australia to drive blockchain education and promote adoption of blockchain in South-east Asia and Australia, said BAS in a press statement on Thursday.

ABC looks to engage with regulators to ensure that legal compliance of blockchain regulations are set out accordingly, along with raising education about blockchain.

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"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 of BAS.