ASEAN Countries
The Association of Southeast Asian Nations (ASEAN) is an intergovernmental organization comprising 10 countries in Southeast Asia. It was established on 8 August 1967 with the signing of the ASEAN Declaration by Indonesia, Malaysia, Philippines, Singapore and Thailand. The other five members are Brunei Darussalam, Cambodia, Lao PDR., Myanmar and Vietnam.
As a region located between South China Sea to its east and Bay of Bengal to its west; ASEAN is home to one-fourth of world’s population. Moreover it has significant potential for cryptocurrency adoption given that many member states have made digital payments a priority focus area as part of their economic development plans. With increasing mobile penetration throughout the region combined with government initiatives such as e-wallets or cashless societies being implemented on various levels across different nations – there’s no doubt about why this region should be taken into consideration when looking at global crypto trends!
Each country within ASEAN has adopted different approaches towards cryptocurrencies thus far:
•Indonesia – In 2017 Bank Indonesia issued warnings against using virtual currencies due to legal implications including money laundering risks but recently they started experimenting with blockchain technology related applications through their research body “Financial Technology Office” set up in 2018 which will explore how blockchain can help improve financial services provided by banks operating within Indonesian jurisdiction
•Malaysia – The Malaysian central bank had also issued similar warnings against use of cryptocurrencies but since then it has become much more open minded regarding regulation pertaining these assets after introducing new guidelines under securities commission act 2019
•Philippines – Currently very active when it comes down to developing regulations applicable for cryptocurrency businesses while focusing heavily on Anti Money Laundering measures along side taxation policies enforced upon exchanges & traders alike .
•Singapore– One step ahead from all other countries within ASEAN block having most advanced framework regulating activities associated with digital assets management / trading industry not just domestically but globally too considering high liquidity pool available for investors coming from this nation
•Thailand– Recently approved three ICO portals (Initial Coin Offerings) known as “digital asset exchange licenses” following issuance draft laws back in May 2018 aiming at creating clear regulatory environment encouraging companies working in FinTech space
