Blockchain associations from Australia and five Southeast Asian countries are coming together to promote blockchain development and learning.

Blockchain organizations from Australia, Singapore, Malaysia, Thailand, Indonesia and the Philippines on Thursday signed an agreement to boost blockchain cooperation in the Asia-Pacific region, the Business Times reported.

The MoU, launched by the Blockchain Association of Singapore (BAS), aims to work with regulators to ensure compliance, while raising awareness and educating the industry through a new blockchain consortium called the ASEAN Blockchain Consortium, or ABC.

It includes ABC BAS, Blockchain Australia, Philippine Distributed Ledger Technology Association, Labuan International Business and Financial Center Malaysia, Thailand Digital Asset Operators Trade Association and Asosiasi Blockchain Indonesia.

The MoU ceremony was attended by several government officials, including Eddie Brio Bambudi, Senior Adviser to the Indonesian Minister for Coordination of Economic Affairs, and Subnindo Mohanty, Head of Financial Technology at the Monetary Authority of Singapore. According to BAS, the initiative marks the first collaboration between blockchain organizations in Southeast Asia and Australia.

“The growth of digital assets and the blockchain industry is phenomenal, and BAS is proud to work with our partners from ASEAN and Australia to support the industry’s growth at a healthy and sustainable pace,” said Chia Hock Lai, President of BAS.

“There is no better time for this than now,” the leader added, citing increased institutional interest in the industry, including recent moves by Singapore-based DBS Bank, which established the cryptocurrency trading platform in December 2020.

The launch of the consortium comes amid the growing adoption of cryptocurrencies in Southeast Asia and Australia. Southeast Asia was one of the best regions in terms of adopting digital currencies last year, according to Statista, with 20% of Filipino respondents indicating that they have used crypto by 2020. The industry is also gaining strength in Australia, where there is around 20%. From the Australians. The adults who responded to the survey said they had acquired digital currencies in the past year.