US Treasury’s Bessent Lauds Singapore’s Digital Asset Leadership at APEC

US Treasury Secretary Scott Bessent praised Singapore’s leadership in adopting stablecoins and digital assets during a meeting with Prime Minister Lawrence Wong on Friday, according to an official. reading from the US Treasury Department.

The discussion was held at the 2025 summit of the Asia-Pacific Economic Cooperation (APEC) in Gyeongju, South Korea, where the whole world. leaders they meet to discuss global growth, energy security and technology.

Bessent too said APEC leaders said during the Economic Leaders’ Informal Dialogue that through its work with APEC economies, the United States “is seeing record levels of capital invested in advanced manufacturing and technology sectors.”

APEC is an annual forum founded in 1989 that brings together 21 member economies to promote sustainability. growth and economic cooperation throughout the Asia-Pacific region.

Bessent’s remarks come as he to travel across Asia alongside US President Donald Trump, making stops in Malaysia, Japan and South Korea.

Related: Basel Committee revises banking crypto-asset rules amid stablecoin surge: Report

Singapore leads in crypto adoption

With a population of just 5.9 million, Singapore has evolved into one of the most influential centers in the world for the adoption and innovation of digital assets.

A December 2024 report by ApeX Protocol found that Singapore granted twice as many cryptocurrency licenses in 2024 as last year. The study also identified the city-state as a global one leader in Web3 workthe number of registered crypto exchanges and blockchain patent files.

While taking an innovative stance on crypto, the country has also enforced regulations. A directive from the Monetary Authority of Singapore (MAS) on May 30 said crypto companies that offer services abroad to get a license or leave the country.