Blockchain associations work together in five countries in Australia and Southeast Asia to advance blockchain development and education.

Blockchain organizations in Australia, Singapore, Malaysia, Thailand, Indonesia and the Philippines have signed a Memorandum of Understanding (MoU) on working with blockchain in the Asia-Pacific region, the Business Times reports.

The International Labor Organization, initiated by the Singapore Blockchain Association (BAS), is seeking to work with regulators to enforce legislation, as well as raise awareness through a new blockchain consortium, the ASEAN Blockchain Consortium (ABC).

It includes ABC BAS, Australian Blockchain, Philippine Association of Book Distribution Technology, Labuan International Business and Money Center in Malaysia, Thai Digital Asset Operators Association, and Indonesian Asosiasi Blockchain.

The IMF event was attended by representatives from several countries, including Eddie Brio Bambud, Senior Advisor to the Minister of Economic Affairs of Indonesia, and Subinda Mohant, CEO of FopTech, Singapore’s Monetary Authority. BAS said the initiative marks the first collaboration between blockchain organizations in Southeast Asia and Australia.

“The growth of digital capital and the blockchain industry is phenomenal, and BAS is pleased to continue working with Assen and its Australian partners to grow the industry to a healthy and sustainable level.” – said the head of the BAS, Chia Hock Lai.

“Now is not a better time,” he added, referring to the growing institutional interest in the industry, which includes the latest cryptocurrency from Singapore, DBS, which launched the cryptocurrency trading platform in December 2020.

The consortium is launched in response to the growing use of cryptocurrencies in Southeast Asia and Australia. According to statistics, Southeast Asia was one of the leading regions in receiving cryptocurrencies last year, with 20% of Filipino respondents saying they would use cryptocurrencies by 2020. The industry is also gaining traction in Australia, where about 20% of adult Australians were polled. . Claim of ownership of the cryptocurrency last year.

Source: CoinTelegraph