US Treasury Secretary Bessent Commends Singapore's Digital Asset Leadership at APEC

Executive Summary

US Treasury Secretary Scott Bessent praised Singapore's leadership in stablecoin and digital asset adoption during a meeting with Prime Minister Lawrence Wong at the APEC 2025 summit in Gyeongju, South Korea. Singapore has established itself as a significant global hub for digital asset innovation, blending progressive policies with regulatory oversight.

The Event in Detail

US Treasury Secretary Scott Bessent officially recognized Singapore's progressive stance on stablecoin and digital asset integration. This acknowledgment came during his meeting with Prime Minister Lawrence Wong on Friday, as detailed in an official readout from the US Department of the Treasury. The discussion was part of the Asia-Pacific Economic Cooperation (APEC) 2025 summit, hosted in Gyeongju, South Korea, an event focused on global economic growth, energy security, and technological advancements. Singapore, despite its population of 5.9 million, has cultivated an environment conducive to digital asset adoption and innovation.

Market Implications

Singapore's strategic approach has solidified its position as a major cryptocurrency hub in Asia. This has been supported by its "risk-adjusted" regulatory policies. The country issued 13 Major Payment Institution (MPI) cryptocurrency licenses in 2024, effectively doubling the number granted in the previous year. This regulatory clarity and forward-thinking stance contribute to a positive market sentiment for digital assets within the region and potentially influence global regulatory discussions. The commendation from a high-ranking US official underscores the increasing recognition of well-regulated digital asset ecosystems, potentially fostering broader institutional adoption.

Expert Commentary and Data-Driven Insights

Research from ApeX Protocol highlights Singapore's significant achievements in the Web3 space. A December 2024 report by ApeX Protocol indicated that Singapore granted twice as many cryptocurrency licenses in 2024 compared to the previous year. The study also identified Singapore as a global leader in Web3 employment, the number of registered crypto exchanges, and blockchain-related patent filings. Specifically, the city-state boasts 1,600 blockchain patents, 2,433 related job positions, and 81 cryptocurrency exchanges. Furthermore, a September ApeX Protocol report designated Singapore as the most "crypto-obsessed" nation globally, with nearly a quarter of its population holding digital assets. This robust ecosystem demonstrates a strong alignment with both innovation and regulatory prudence.

Broader Context and Regulatory Framework

While fostering innovation, Singapore maintains a stringent regulatory framework. The Monetary Authority of Singapore (MAS) issued a directive on May 30, requiring crypto companies offering services abroad to obtain a license or cease operations within the country. This balanced approach, combining encouragement for digital asset growth with rigorous oversight, positions Singapore as a model for other jurisdictions navigating the complexities of the evolving digital economy. The dual emphasis on innovation and regulation aims to ensure market integrity and investor protection, thereby contributing to the sustainable development of the Web3 ecosystem.