US Treasury Secretary Scott Bessent praised Singapore’s leadership in stablecoin and digital asset adoption in a meeting with Prime Minister Lawrence Wong on Friday, according to an official statement from the US Treasury.
The discussion took place at the 2025 Asia-Pacific Economic Cooperation (APEC) Summit to be held in Gyeongju, South Korea. There, world leaders meet to discuss global growth, energy security, and technology.
Mr. Bessent also told APEC leaders during the Economic Leaders’ Informal Dialogue that through cooperation with APEC countries, the United States is seeing “record levels of capital being invested in advanced manufacturing and technology sectors.”
APEC is an annual forum established in 1989 that brings together 21 member countries to promote sustainable growth and economic cooperation across the Asia-Pacific region.
Bessent’s comments came as he traveled through Asia with US President Donald Trump, making stops in Malaysia, Japan and South Korea.
Related: Basel Committee to review bank crypto asset regulations in response to stablecoin price hike: report
Singapore leads in virtual currency adoption
With a population of just 5.9 million people, Singapore has evolved into one of the world’s most influential hubs for digital asset adoption and innovation.
According to ApeX Protocol’s December 2024 report, Singapore granted twice as many crypto licenses in 2024 as it did the previous year. The study also identified the city-state as the world leader in Web3 employment, number of registered cryptocurrency exchanges, and number of blockchain-related patent applications.
While the country has taken an innovative stance towards cryptocurrencies, it has also tightened regulations. On May 30, the Monetary Authority of Singapore (MAS) directed virtual currency companies offering services overseas to obtain a license or leave the country.
Another report released by ApeX Protocol in September found that Singapore tops the list as the most “crypto-obsessed” country in the world, with nearly a quarter of its population holding digital assets and topping the global rankings for crypto-related searches.
In October, Singapore hosted Token2049, one of the world’s most influential crypto conferences.
magazine: China officially hates stablecoins, DBS trades Bitcoin options: Asia Express
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