Gyeongju - At the 2025 APEC summit, U.S. Treasury Secretary Scott Bessent lauded Singapore's proactive approach to digital asset adoption, recognizing the nation's efforts in fostering the use of digital assets and U.S. dollar stablecoins. Secretary Bessent met with Singapore's Prime Minister Lawrence Wong to discuss shared priorities. The acknowledgment highlights the increasing global interest in digital currency solutions and their potential effects on international financial systems.
Secretary Bessent positively noted Singapore's long history of sovereign funds investing in the United States. He also thanked Prime Minister Wong for Singapore's cooperation with the United States Treasury against organized crime groups. Furthermore, Secretary Bessent stressed the need for continued cooperation to halt the purchase of Russian and Iranian oil.
The APEC summit gathered world leaders to address key global issues, including global growth, energy security, and technology. Secretary Yellen in 2023 acknowledged the potential of digital assets to increase financial inclusion and reduce the cost of cross-border transactions. However, she stressed that this potential could not be fulfilled without compliance and proper regulation to manage the risks.
Singapore has emerged as a leading hub for fintech innovation, with a regulatory environment that aims to balance innovation with consumer protection. The Monetary Authority of Singapore (MAS) has been actively developing frameworks for digital payment token services, aiming to provide clarity and foster responsible growth in the digital asset space. This includes licensing and supervisory frameworks that address anti-money laundering and counter-terrorism financing risks, as well as measures to ensure the security and stability of digital payment systems.
The discussions between Secretary Bessent and Prime Minister Wong signal a continued collaboration between the U.S. and Singapore on financial matters, particularly in the realm of digital assets. This partnership could pave the way for further advancements in the regulatory landscape, promoting responsible innovation and setting standards for other nations to follow.
