Finance ministers from APEC nations met in San Francisco to discuss regional economic cooperation, including regulations on cryptocurrencies. U.S. Treasury Secretary Janet Yellen delivered an opening speech at the summit, emphasizing the importance of long-term priorities and sustainability. The discussion on digital assets focused on unbacked crypto assets, stablecoins, and central bank digital currencies. Yellen encouraged sharing insights and engaging with the private sector to better understand the responsible development and usage of digital assets. Yellen's meeting with a Chinese economic official adds further interest to the discussion, as China has banned cryptocurrency trading but has been a leader in central bank digital currencies. The perspectives shared at the meeting may differ from Yellen's stance, as the Biden administration is generally seen as less favorable toward cryptocurrencies. Asia is regarded as a leader in blockchain development, with notable progress in the metaverse, crypto trading, and adoption. APEC consists of 21 economies in the Pacific region, and Hong Kong and Taiwan can participate without controversy. The summit was sponsored by Ripple, a prominent blockchain technology company. Crypto projects and investors are turning to Asia for growth opportunities due to increasing regulatory scrutiny in the United States. U.S.-based crypto projects have expanded into the APAC region, driven by favorable policies and the growing adoption of cryptocurrencies. Hong Kong's legalization of retail crypto trading and Singapore's clear guidelines on stablecoin regulation have attracted companies to establish a presence there.
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