- Scott Bessent, U.S. Treasury Secretary, commended Singapore’s efforts in stablecoin and digital asset adoption during a meeting with Prime Minister Lawrence Wong.
- The discussion occurred at the Asia-Pacific Economic Cooperation (APEC) 2025 summit in Gyeongju, South Korea.
- The U.S. is seeing increased investment in advanced manufacturing and technology across APEC member economies.
- Singapore doubled its cryptocurrency licenses issued in 2024 compared to the previous year and leads globally in Web3 jobs and blockchain patents.
- The Monetary Authority of Singapore requires crypto firms offering services abroad to obtain licenses or exit the market.
U.S. Treasury Secretary Scott Bessent met with Singapore’s Prime Minister Lawrence Wong on Friday at the Asia-Pacific Economic Cooperation (APEC) 2025 summit in Gyeongju, South Korea. During the meeting, Bessent praised Singapore’s leadership in stablecoin and digital asset adoption. The summit hosts global leaders to discuss issues including economic growth, energy security, and technology.
Bessent addressed APEC leaders during the Economic Leaders’ Informal Dialogue, stating that cooperation with APEC economies has resulted in record capital investments in advanced manufacturing and technology sectors. The meeting emphasized the U.S. commitment to working alongside the Asia-Pacific region in these areas.
Singapore, with a population of 5.9 million, has established itself as a major hub for digital assets and blockchain technology. A December 2024 report by ApeX Protocol found the city-state issued twice as many cryptocurrency licenses this year compared to 2023. The report also ranked Singapore as a global leader in employment in Web3, the decentralized internet platform, the number of registered crypto exchanges, and blockchain patent filings.
The country balances innovation with regulation. On May 30, the Monetary Authority of Singapore (MAS) issued a directive requiring crypto companies that provide services abroad to obtain proper licensing or cease operations in the country. In addition, a September report by ApeX Protocol identified Singapore as the world’s most “crypto-obsessed” nation, with nearly 25% of its residents holding digital assets. Singapore also hosted Token2049 in October, one of the leading global cryptocurrency conferences.
APEC, established in 1989, is an annual forum that gathers 21 member economies to promote sustainable growth and economic cooperation throughout the Asia-Pacific region. Bessent continues his diplomatic engagement across Asia, traveling with U.S. President Donald Trump and visiting Malaysia, Japan, and South Korea.
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