The level of interest in blockchain at ASEAN countries

The versatility and decentralized nature of the blockchain have brought popularity in the countries of the Association of Southeast Asian Nations (ASEAN), and some of them have become real drivers of the development of new technology, writes The Asean Post.

blockchain in ASEAN countries
The main applications of the blockchain technology in the ASEAN countries. Source: The Asean Post


According to the publication, Thailand, more than all of the states in the region, is seeking to introduce technology of a distributed registry. The country has adopted a law on cryptocurrency regulation and ICO rules, plans to issue a token for settlements on bonds, the Central Bank is studying the use of the blockchain in document authentication solutions, supply chain financing and cross-border payments.

The Asean Post considers Singapore the most open to the new technology country, especially with regard to ICO. This jurisdiction became the main focus for Chinese token projects after the ICO ban in the Middle Kingdom. Lots of China’s crypto exchanges moved there. For western companies the island state is often the entry point into the Asian blockchain space.

Malaysia is most susceptible to the use of blockchain technology in the banking sector. The country has a “fintech-sandbox”, which allows industry startups to use a 12-month testing period.

The state continues to work on the rules for regulating digital currencies and, in addition to banking, has identified two other priority areas for the introduction of the blockchain.

Vietnam has created a productive system of blockchain startups. The country is also working on launching the FINTECH sandboxes.

In other countries of the regional association, including Laos, Brunei, Cambodia and Myanmar, the development of blockchain technology is at an early stage.

Recall that in the neighboring countries of ASEAN, the giant countries China and India, blockchain is recognized as a breakthrough technology. For example, in 2018, the central and regional governments of China sent almost $ 6 billion to the DLT area.


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