US Treasury Secretary Scott Bessent praised Singapore’s leadership in stablecoin and digital asset adoption during a recent meeting with Prime Minister Lawrence Wong. The discussion took place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea, where world leaders convened to discuss global growth, energy security, and technological advancements.
Bessent also shared with APEC leaders during the Economic Leaders’ Informal Dialogue that the US is witnessing “record levels of capital being invested into advanced manufacturing and technology sectors” through their collaborative efforts with APEC economies.
APEC, an annual forum established in 1989, unites 21 member economies to foster sustainable growth and economic cooperation across the Asia-Pacific region.
These remarks from Bessent coincide with his ongoing travels across Asia alongside US President Donald Trump, which include stops in Malaysia, Japan, and South Korea.
With a population of just 5.9 million, Singapore has transformed into a highly influential global center for digital asset adoption and innovation.
A December 2024 report by ApeX Protocol revealed that Singapore granted twice as many cryptocurrency licenses in 2024 compared to the previous year. The study further identified the city-state as a global leader in Web3 employment, the number of registered crypto exchanges, and blockchain-related patent filings.
While actively embracing crypto innovation, the country maintains a firm regulatory approach. A directive issued by the Monetary Authority of Singapore (MAS) on May 30 mandated that crypto companies offering services abroad must obtain licenses or cease operations within the country.
In September, another report by ApeX Protocol highlighted Singapore as the most “crypto-obsessed” nation globally, with almost a quarter of its population holding digital assets and leading global rankings in crypto-related searches.
In October, Singapore played host to Token2049, one of the world's foremost crypto conferences.
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