US Treasury Secretary Scott Bessent met with Singapore’s Prime Minister Lawrence Wong on Friday during the Asia-Pacific Economic Cooperation (APEC) 2025 summit in Gyeongju, South Korea, according to a statement from the US Department of the Treasury.
During their meeting, Bessent praised Singapore’s leadership in advancing stablecoin frameworks and digital asset adoption, highlighting the country’s proactive regulatory stance and growing influence in financial technology.
Speaking later at the APEC Economic Leaders’ Informal Dialogue, Bessent said that through collaboration with APEC economies, the United States is “seeing record levels of capital being invested into advanced manufacturing and technology sectors.”
The APEC forum, founded in 1989, unites 21 member economies with the goal of promoting sustainable growth, energy security, and regional cooperation across the Asia-Pacific region.
Bessent’s remarks come amid his tour of Asia alongside US President Donald Trump, with recent stops in Malaysia, Japan, and South Korea.
Singapore emerges as a global digital asset hub
With a population of just under 6 million, Singapore has positioned itself as one of the world’s foremost centers for crypto adoption, Web3 innovation, and blockchain development.
A December 2024 ApeX Protocol report revealed that Singapore issued twice as many cryptocurrency licenses in 2024 compared to the previous year. The report also ranked the city-state as a global leader in Web3 employment, the number of registered exchanges, and blockchain-related patent filings.
While fostering innovation, Singapore has also strengthened oversight. In May 2025, the Monetary Authority of Singapore (MAS) mandated that crypto firms offering overseas services must obtain licenses locally or exit the jurisdiction.
Further research from ApeX Protocol in September 2025 crowned Singapore the world’s most “crypto-obsessed” nation, with nearly 25% of its citizens holding digital assets and topping global rankings for crypto-related online searches.
In October 2025, the city hosted Token2049, one of the world’s most prominent blockchain and crypto conferences, reinforcing its role as a hub for digital finance leadership in Asia.