U.S. Treasury Secretary Scott Bessant expressed his appreciation for Singapore's adoption of stablecoins and digital assets. He stated this position during a meeting with Singaporean Prime Minister Lawrence Wong on the sidelines of the APEC summit in Gyeongju, South Korea.
Minister Bessant, in an official statement, praised Singapore as a global model for innovation and institutional development related to digital assets. The conference brought together leaders from 21 economies in the Asia-Pacific region to discuss topics such as energy security, technological innovation, and global growth.
During a separate informal dialogue with economic leaders, he emphasized that through cooperation between the United States and APEC members, "the advanced manufacturing and technology sectors are receiving unprecedented capital investment."
Despite being a small country with a total population of approximately 5.9 million, Singapore has demonstrated strong international influence in digital asset adoption and blockchain innovation. Industry reports show that the number of cryptocurrency licenses granted in the country doubled in 2024 compared to the previous year. Singapore ranks among the top globally in several indicators, including Web3 employment, the number of registered exchanges, and blockchain patent applications.
While taking innovative measures, the government is also actively strengthening regulation. On May 30, the Monetary Authority of Singapore issued an ultimatum to overseas digital asset service companies, requiring them to obtain local operating licenses or exit the market, indicating that strict controls will be implemented on global crypto companies entering the country's market.
Minister Bessant's trip to APEC was undertaken jointly with President Trump, and his itinerary included Malaysia, Japan, and South Korea. The emphasis placed on international cooperation on digital assets by senior US officials in several Asian countries is seen as a significant signal of the need to promote regulatory coordination and technological collaboration.
Singapore's policy combination of "encouraging innovation + strict regulation" is expected to provide a model for the maturation and sustainable development of the digital asset industry. Furthermore, the coordination and interaction between Singapore and the United States in this field is anticipated to be a key variable influencing the industry's future trajectory.
