US Treasury’s Bessent Praises Singapore’s Leadership in Digital Assets at APEC

US Treasury Secretary Scott Bessent commended Singapore’s leading role in stablecoin and digital asset adoption during a meeting with Prime Minister Lawrence Wong on Friday, as per an official readout from the US Department of the Treasury.

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

Bessent also informed APEC leaders during the Economic Leaders’ Informal Dialogue that, through their collaboration with APEC economies, the US is “experiencing unprecedented levels of capital being invested into advanced manufacturing and technology sectors.”

APEC is an annual forum established in 1989 that unites 21 member economies to foster sustainable growth and economic cooperation within the Asia-Pacific region.

Bessent’s comments emerge as he has been traveling throughout Asia alongside US President Donald Trump, making visits to Malaysia, Japan, and South Korea.

Related: Basel Committee reviews bank crypto-asset rules amid stablecoin surge: Report

Singapore leads in crypto adoption

With a population of just 5.9 million, Singapore has transformed into a prominent hub for digital asset adoption and innovation.

A report from December 2024 by ApeX Protocol revealed that Singapore issued twice as many cryptocurrency licenses in 2024 compared to the prior year. The study also recognized the city-state as a global frontrunner in Web3 employment, the count of registered crypto exchanges, and blockchain-related patent submissions.

While adopting an innovative approach to crypto, the nation has also been implementing regulations. A directive from the Monetary Authority of Singapore (MAS) on May 30 instructed crypto companies providing services overseas to obtain a license or exit the country.