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

US Treasury Secretary Scott Bessent praised Singapore’s management in stablecoin and digital asset adoption throughout a gathering with Prime Minister Lawrence Wong on Friday, in accordance with an official readout from the US Treasury Division.

The dialogue came about through the Asia-Pacific Financial Cooperation (APEC) 2025 summit in Gyeongju, South Korea, the place world leaders meet to debate world progress, power safety and expertise.

Bessent additionally advised APEC leaders on the Casual Financial Leaders Dialogue that by means of its work with APEC economies, the US is “seeing document ranges of capital invested in superior manufacturing and expertise sectors.”

APEC is an annual discussion board based in 1989 that brings collectively 21 member economies to advertise sustainable progress and financial cooperation within the Asia-Pacific area.

Bessent’s feedback come as he traveled by means of Asia with US President Donald Trump, making stops in Malaysia, Japan and South Korea.

Associated: Basel Committee critiques guidelines for banks’ crypto property amid rise in stablecoins: report

Singapore is a frontrunner in crypto adoption

With a inhabitants of simply 5.9 million, Singapore has change into one of many world’s most influential hubs for digital asset adoption and innovation.

A December 2024 report from ApeX Protocol exhibits that Singapore granted twice as many cryptocurrency licenses in 2024 because the 12 months earlier than. The analysis additionally recognized the city-state as a worldwide chief in Web3 employment, variety of registered crypto exchanges and blockchain-related patent functions.

Whereas the nation takes an progressive stance on crypto, it additionally maintains laws. A directive from the Financial Authority of Singapore (MAS) on Could 30 advised crypto firms providing providers overseas that they need to get hold of a license or go away the nation.

In September, one other report from ApeX Protocol discovered that Singapore ranks first on the planet as essentially the most “crypto-obsessed” nation, with almost 1 / 4 of the inhabitants proudly owning digital property and topping the worldwide rankings for crypto-related searches.

In October, Singapore hosted Token2049, one of the vital influential crypto conferences on the planet.

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