On April 21, the Singaporean Blockchain Association signed a memorandum of understanding with five other countries across the Southeast Asian and Pacific regions. The aim was to create a consortium and promote education on blockchain and decrease cautiousness about cryptocurrency.
Singapore realises that its digital innovation industry should grow in order to keep pace with global trends. However, domestic blockchain and cryptocurrency startups still face some difficulties despite the generally favourable environment.
Previously, CoinIdol, a world blockchain news outlet, reported that the Monetary Authority of Singapore (MAS) issued a warning for the citizens against dealing with cryptocurrency startups that are not properly registered within the regulator.
The move was aimed at informing people they were not protected in case of cooperating with unregistered companies as the watchdog would not be able to take any legal measures. This means that the Singaporeans also suffer from numerous scams in the industry.
For this reason, blockchain and cryptocurrency education is vital for both the government and the citizens. Proper awareness and understanding of the technology would allow users to avoid fraudsters. At the same time, raising the government’s awareness would foster better and more balanced regulations for ensuring the stable growth of the entire sector.
To make this possible, the newly formed consortium is going to use a number of means including webinars, training and events for both users and business owners. Also, it plans to cooperate with local authorities to arrange educational programs for regulators. Besides that, the consortium plans to build a pool of blockchain and cryptocurrency specialists.
In the long run, this move might ensure even tighter cooperation between governments and business. For instance, high-profile compliance specialists might be beneficial for creating a proper and convenient framework for attracting business to the region, thus improving the well-being of the citizens.
Currently, the Singaporean blockchain and crypto industry seems to flourish as the number of businesses entering the country is growing. According to Chia Hock Lai, the co-chairman of the Blockchain Association Singapore, the number of businesses and institutional players in the field of blockchain and cryptocurrency has increased significantly over the previous year. Several large companies like Chainalysis have established their regional headquarters in Singapore.
The inflow of business startups creates the need for workplaces. In its turn, new workplaces require professional skills. That is what the ASEAN Consortium is planning to do: increasing the awareness to create a more favourable environment for the development of blockchain and cryptocurrency industry and building a pool of talent to ensure the supply of expertise for the growing business demands.
With all this combined, the region’s economy might significantly benefit from this nascent sector as the growing community will put it in the forefront of innovation and progress.