US Treasury Secretary Scott Bessent has commended Singapore for its forward-thinking approach to digital assets and stablecoin integration during a meeting with Prime Minister Lawrence Wong at the APEC 2025 summit in Gyeongju, South Korea. The summit, which brings together leaders from 21 Asia-Pacific economies, focused on driving sustainable global growth, ensuring energy security, and advancing technological cooperation across the region.
According to a statement from the US Department of the Treasury, Bessent praised Singapore’s regulatory clarity and leadership in fostering a secure yet innovative environment for digital finance. He emphasised that such policies have positioned Singapore as a model for balancing financial innovation with responsible oversight. During an address to APEC leaders, Bessent noted that collaboration among member economies has led to “record levels of capital being invested into advanced manufacturing and technology sectors,” underscoring the importance of digital transformation in boosting regional competitiveness.
The meeting comes amid heightened global interest in digital asset frameworks, with Singapore often cited as a benchmark for how governments can nurture innovation while maintaining market integrity. Bessent’s remarks also highlight growing US recognition of Asia’s expanding influence in shaping the global digital economy.
Singapore’s leadership in this space is well documented. The city-state has steadily become a magnet for blockchain startups and fintech investors, thanks to its progressive stance on cryptocurrencies. A December 2024 study by ApeX Protocol revealed that Singapore issued twice as many crypto licenses that year compared to 2023, further solidifying its role as a global hub for digital asset activity. The report also ranked Singapore among the top nations for Web3 employment, crypto exchange registrations, and blockchain patent filings.
Despite this openness, Singapore’s regulators have maintained a strong grip on compliance. The Monetary Authority of Singapore (MAS) recently ordered crypto firms offering overseas services to either obtain local licenses or exit the market, ensuring accountability even beyond its borders.
In addition to regulatory progress, the nation’s growing enthusiasm for crypto is evident in public adoption. Another ApeX report ranked Singapore as the world’s most “crypto-obsessed” country, with nearly one in four citizens owning digital assets. The country also hosts Token2049, one of the largest global gatherings for blockchain innovators and investors, underscoring its pivotal role in the Web3 ecosystem.
Bessent’s acknowledgement of Singapore’s achievements signals an increasing willingness among global policymakers to view the digital asset industry not as a threat, but as a key driver of future economic resilience and innovation.
