Blockchain associations from Australia and five Southeast Asian nations are joining forces to promote blockchain development and education. Blockchain organizations from Australia, Singapore, Malaysia, Thailand, Indonesia and the Philippines signed a memorandum of understanding Thursday to promote blockchain collaboration in the Asia Pacific, Business Times reports. Initiated by Blockchain Association Singapore, or BAS, the MoU aims to engage with regulators to ensure legal compliance alongside raising industry awareness and education through a new blockchain consortium called the ASEAN Blockchain Consortium, or ABC. The ABC includes BAS, Blockchain Australia, Distributed Ledger Technology Association of the Philippines, Malaysia’s Labuan International Business and …
A fundamental trait of crypto is as an asset class that transcends jurisdictions. Yet, one of the key hubs driving adoption and innovation is Asia. Since the heady days of Korea’s Kimchi premium and Bitcoin (BTC) arbitrage opportunities, the region is playing a role in defining crypto’s development pathways and anchoring its future. According to Chainanalysis’ report, in the first half of 2021, Asia was already the destination for 28% of the overall global transaction volume — $1.16 trillion worth of cryptocurrency. Central and Southern Asia alone saw crypto transactions grow 706% year-over-year, making it the world’s third-fastest growing region. …
Benjamin Soh, founder of blockchain development firm STACS, said that institutional players, not business-to-consumer companies, will drive the mass adoption of financial infrastructure built on blockchain technology. During the Unitize virtual conference, Soh said that if they could bring bank institutions to use the blockchain, millions of bank customers will automatically be a part of the blockchain finance infrastructure without them even knowing. Providing bank customers with a blockchain-based wallet while still using the traditional payment gateways will be the necessary first step towards bringing the efficiencies of distributed ledger technology to the financial system, Soh added. Asia is leading …
The World Trade Organization (WTO) released a report on blockchain technology’s effect on international trade today, Nov. 27. Per the study, blockchain’s economic value-add on a global scale could reach almost $3 trillion by 2030. “Blockchain and International Trade: Opportunities, Challenges, and Implications for International Trade Cooperation” analyzes blockchain applications and challenges that must be considered before the technology’s deployment in various sectors. The study considers the technology’s effect on industries such as trade finance, customs clearance, logistics and transportation. Blockchain Business Value Forecast. Source: WTO The study estimates that blockchain has the potential to significantly cut trade costs by …
Crypto is the next big thing in Indonesia. According to the Ministry of Trade, transactions for currencies like Bitcoin (BTC) grew over 14 times from a total of 60 trillion rupiahs ($4.1 billion) in 2020 to a total of 859 trillion rupiahs ($59.83 billion) in 2021. It’s getting to the point where crypto is becoming more popular than traditional stock. Vice Minister of Trade Jerry Sambuaga stated that more than 11 million Indonesians bought or sold crypto in 2021. In comparison, according to the Indonesian Central Securities Depository, the total number of portfolio investors — indicated by the number of …