The Blockchain Association of Singapore (BAS) and global cryptocurrency exchange Crypto.com have joined forces to promote wider understanding of blockchain technology and innovation.

The partnership between Crypto.com and blockchain industry group BAS will leverage one another’s networks to promote business growth and advance the Non-Fungible Token (NFT) ecosystem.

As NFT ownership grows in Singapore and the Asia-Pacific, BAS and Crypto.com plan joint initiatives that will help educate the public about emerging NFT technology.

“A recent poll conducted across 20 countries found that the highest NFT adoption rates were in Asia,” BAS co-chair Chia Hock Lai said in a statement.

“The study found that the Philippines has the largest proportion of NFT owners (32 per cent), followed by Thailand (27 per cent), Malaysia (24 per cent), UAE (23 per cent) and Vietnam (17 per cent). The acceptance and trend towards NFT ownership has been in the ascendancy in recent years and we expect this to continue.”

Crypto.com serves more than 50 million customers around the world on its fast-growing cryptocurrency platform.

“We are excited to partner with BAS to not only advance NFTs in the market, but to also further harness the positive impact NFTs and the entire crypto ecosystem can have in our communities,” said Crypto.com chief operating officer Eric Anziani.

“By partnering with BAS on this important initiative, we will be able to maximise our efforts while also continuing to build this technology for a highly engaged regional population.”

As part of the collaboration, the Crypto.com NFT marketplace will be used during Singapore Blockchain Week in July to power Blockchain for Good, a charity auction event that raises money to help low-income families.

Although Singapore’s authorities clamped down on the promotion of cryptocurrency to the general public early this year, the Monetary Authority of Singapore (MAS) said it supported blockchain innovation and was working hard to ensure a range of crypto-related services could flourish in the city-state.

MAS managing director Ravi Menon said, when taken together, the three parts of the crypto ecosystem – blockchain, tokenisation and cryptography – produced a “potentially transformative technology” which goes way beyond digital currencies.

“It enables high-value assets to be fractionalised and this can unlock new economic value, enhance financial inclusion, and enable more seamless and efficient financial services,” Menon told a financial summit last month.

“This is the greater vision that MAS is focused on, much beyond cryptocurrencies.”