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

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

The discussion took place at the 2025 Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea, where world leaders are gathering to discuss global growth, energy security and technology.

Bessent also told APEC leaders during the informal economic leaders’ 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 sustainable growth and economic cooperation in the Asia-Pacific region.

Bessent’s remarks come as he travels through Asia alongside US President Donald Trump, stopping in Malaysia, Japan and South Korea.

Related: Basel Committee examines banking rules on crypto-assets amid sharp rise in stablecoin: report

Singapore leads in crypto adoption

With a population of just 5.9 million, Singapore has become one of the world’s most influential hubs for digital asset adoption and innovation.

A December 2024 report from the ApeX protocol revealed that Singapore granted twice as many cryptocurrency licenses in 2024 as the previous year. The study also identified the city-state as a global leader in Web3 employment, number of registered crypto exchanges and blockchain-related patent filings.

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 asked crypto companies offering services overseas to obtain a license or leave the country.