The APEC summit has sparked global interest in the potential for regional cooperation on crypto regulations. U.S. Treasury Secretary Janet Yellen gave the opening remarks at the finance ministers’ meeting on November 13 of the event, which got underway in San Francisco on November 11.
According to the draft remarks ready for delivery, Yellen emphasized sustainability and long-term priorities in her speech. The conversation on digital assets was especially important, with a focus on unbacked cryptocurrency assets, stablecoins, and digital currencies issued by central banks.
Yellen underlined how crucial it is to collaborate with the private sector and share knowledge in order to improve lawmakers’ comprehension of the instruments available to support the appropriate creation and use of digital assets.
“I’m interested in knowing your thoughts on the potential long-term contributions of blockchain technology and digital assets to our respective financial systems, as well as how your regulatory bodies intend to monitor their advancement and application.”
Yellen talks with a Chinese economic representative.
The conversation over digital assets is made more intriguing by Yellen’s recent meetings on November 9 and 10 with He Lifeng, a Chinese economic official.
China has emerged as a global leader in the creation of digital currencies issued by central banks, despite the fact that the country has practically prohibited the trading of cryptocurrencies since 2021.
Though Yellen’s actual position may not align with the viewpoints expressed at the November 13 meeting, the Biden administration is often seen as being less supportive of cryptocurrency.
Since Asian economies have made significant advancements in the metaverse, cryptocurrency trading, and acceptance, many believe that Asia is leading the way in blockchain development.
Asia, North America, and South America are home to 21 Pacific-region economies that are members of APEC.
Because membership is determined by economics rather than national boundaries, Taiwan and Hong Kong are able to join without facing opposition.
Remarkably, Ripple, a well-known blockchain technology company, was a significant sponsor of the event.
As previously reported, in the face of heightened regulatory scrutiny in the US, investors and cryptocurrency ventures are looking to Asia for expansion potential.
According to Kevin Goldstein, senior advisor at the cryptocurrency investment firm HashKey Capital, favorable policies and rising cryptocurrency usage have led to a noticeable increase in the development of U.S.-based crypto projects into the Asia-Pacific (APAC) region over the past year.
Web3 businesses have ventured to Hong Kong since retail cryptocurrency trading was just legalized there. Their goal is to get out to the large investor base in mainland China, where cryptocurrency is prohibited.
Companies like Circle, the creator of the well-known stablecoin USDC, have expressed interest in Singapore’s well-received stablecoin regulations.