US Treasury Secretary praises Singapore’s digital asset adoption at APEC

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

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

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

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

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

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

A December 2024 report by ApeX Protocol found that Singapore granted twice as many cryptocurrency licenses in 2024 as it did the previous year. The study also identified the city-state as a global , the number of registered crypto exchanges and blockchain-related patent filings.

While taking an innovative stance on crypto, the country has also been enforcing regulations. A directive from the Monetary Authority of Singapore (MAS) on May 30 told to get licensed or leave the country.

In September, another report by ApeX Protocol found that as the most “crypto-obsessed” nation, with nearly a quarter of its population holding digital assets and topping global rankings for crypto-related searches.

In October, , one of the world’s most influential crypto conferences.

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