Singapore PM Wong Demands Urgent AI Action - Crypto Markets Watch Closely

Singapore's new Prime Minister Lawrence Wong throws down the AI gauntlet—calling for immediate regulatory frameworks that could reshape digital asset markets.

The Crypto Angle

While Wong focuses on AI governance, crypto traders recognize the implications—regulatory dominoes rarely fall in isolation. Artificial intelligence and blockchain increasingly intertwine in DeFi protocols, trading algorithms, and security systems. Singapore's stance could signal broader Asian regulatory trends affecting digital assets.

Market observers note that AI-driven trading already accounts for estimated 35-40% of crypto volume—making regulatory clarity crucial for institutional adoption. Wong's urgency suggests Singapore aims to lead rather than follow in tech governance.

Because nothing says 'financial innovation' like governments scrambling to regulate technology they barely understand—just ask any crypto veteran about the 2017 ICO frenzy.

Prime Minister Wong wants urgent attention towards artificial intelligence

According to Prime Minister Wong, Singapore is now focusing on applying and using artificial intelligence. “As a small, compact, and digitally connected city-state, it cannot on its own develop leading-edge artificial intelligence foundation models.

But it can use them to develop and make applications with the “biggest impact” in areas like finance, logistics, healthcare, and advanced manufacturing,” PM Wong said. He added that Singapore cannot do this alone, noting that they are keen to cooperate and exchange best practices with other APEC economies.

In the session themed Preparing For A Future-ready Asia-Pacific, Wong noted that the next wave of growth will be driven by artificial intelligence. “It will uplift productivity and transform the way we work and live,” he added as he laid out ways to spearhead cooperation in harnessing the technology. He highlighted that AI is already changing industries in Singapore, revealing it at the APEC Economic Leaders’ Meeting, the highest-level meeting at the annual summit.

Outlining what APEC economies need to do to unlock the potential of the technology, Wong said that they must build up the capacity of their workforces and prepare workers.

With every new wave of technology, some jobs have been eroded while others have been created, and historically, the net impact has been positive, meaning that more net jobs have been created. “But there is no economic law that guarantees this will automatically happen,” PM Wong said.

Wong wants the flow of data between countries

Wong added that just because this has happened in the past does not mean that it will happen in the future, clarifying that economies should not leave these things to the market. “Apec economies also need to build trust in AI,” he said.

Singapore is also active in the global push for AI standards. This way, there is an overall framework for innovation, and users know that they are using a system that has been developed responsibly.

To achieve this, Singapore has set up the AI Verify Foundation to set such standards in partnership with the private sector. The program has now seen more than 170 members, including companies like Google, OpenAI, and Hitachi.

The foundation, set up in 2023, is expected to boost AI testing capabilities and assurance to meet the needs of firms and regulators globally. Earlier this year, Singapore also convened experts to FORM the Singapore Consensus on Global AI Safety Research Priorities.

Wong also urged APEC economies to keep data corridors open, because data is what powers artificial intelligence models. “Singapore supports the Apec Cross-Border Privacy Rules System, which facilitates the free FLOW of data with trust, to promote AI innovation,” he said.

Trade pacts like the Digital Economy Agreement, which consists of Singapore, New Zealand, and Chile, and was signed in 2020, also enable data flows. He also commended South Korea for convening the first APEC Digital and AI Ministerial Meeting.

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