Blockchain technology is gaining traction in the countries comprising the Association of Southeast Asian Nations (ASEAN), which have started to embrace the technology and exploit its benefits both in the private and public sectors.
We compiled a brief overview of what is going on in the sector by country.
Thailand
Leading the blockchain adoption is Thailand which has approved laws on cryptocurrencies while also planning to launch a blockchain token for securities settlements. Recently, the Governor of the Bank of Thailand, Veerathai Santiprabhob, said the bank is considering permitting companies that offer cross-border payments, document authentication and supply chain financing.
Santiprabhob believes blockchain “can help safeguard financial information and reduce the number and magnitude of fraudulent activities.”
Singapore
Those planning on launching an initial coin offering (ICO) can consider Singapore as a country with relaxed rules on the crowd-funding method. Chinese blockchain firms have found Singapore a good alternative after China banned ICOs in September last year.
In the first quarter of the year, Singapore’s central bank and financial regulator announced new rules to protect cryptocurrency investors after acknowledging the risks involved in the unregulated digital currency market. The Monetary Authority of Singapore (MAS) said the move was in response to numerous concerns over the nascent technology.
Malaysia
Malaysia said it has no plans to ban cryptocurrency trading. This was confirmed by the country’s deputy finance minister Datuk Seri Johari Abdul Ghani who said a ban was not in the interest of the government, warning such move would stunt the developments in the fintech industry.
It should also be noted that Malaysia is host to the largest blockchain center in Asia, the New Economy Movement (NEM) Foundation. The center aims to educate and promote the technology to the masses.
Indonesia
Last month, Indonesia’s Commodity Futures Trading Supervisory Agency (Bappebti) announced it would allow cryptocurrency trading by allowing digital currencies to be listed as commodities.
“Currently, the Head of Bappebti has signed a decision to make cryptocurrencies a commodity that could be traded on exchanges..." said Dharma Yoga, head of market supervision and development at Bappebti.
Philippines
The Philippines is aiming to become the blockchain hub of Asia by creating the region’s version of Silicon Valley in its northernmost tip in the Cagayan Valley.
The country’s financial managers and regulators are open to using blockchain in both the private and public sectors by adopting a “do no harm” policy. The Department of Finance (DoF), the Bureau of Internal Revenue (BIR), the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP) all have technical teams studying blockchain not only to understand the technology better but to devise ways of adopting it.
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