With the impending announcement of Singapore’s 2024 Budget, the country’s web3 community is vocalizing a crucial requirement for government assistance.
As per a recent report by The Straits Times, Singaporean firms operating in the web3 sphere are specifically seeking support in two key areas: cultivating a proficient talent pool well-versed in blockchain technology and fortifying defenses against cyber threats.
Demand for More Web3 Contributors in Singapore
The shortage of skilled professionals in the blockchain domain poses a significant impediment to the growth of Singapore’s web3 sector. Danny Lim, a core contributor at the decentralized exchange MarginX, underscored the pressing need for experienced developers.
Lim stressed that supporting the transition of web2 developers to web3 through the Budget, especially those facing job displacement, is crucial to solidify Singapore’s position as a hub for innovative blockchain projects.
Elaine Zhu of Parity Asia highlighted the urgent requirement for blockchain education, expressing apprehension over the dwindling number of new developers.
Citing a recent report by Electric Capital that quantifies developer activity across Web3, Zhu noted a healthy number of experienced developers in Singapore. However, she raised concerns as the number of newly qualified developers plummeted by 52 percent in 2023.
Strengthening Cyber Defenses
Moreover, the industry called for fortified cyber defenses to shield against the escalating threat to digital assets. The emphasis on security underscored the broader challenge of ensuring the safe proliferation of web3 technologies and digital currencies within Singapore’s tech landscape.
Ong Chengyi, from Chainalysis, regarded web3 as pivotal for long-term growth and advocated for sustained government support to enhance the sector’s capability to manage risks with advanced technological solutions.
“We hope to witness more public-private collaboration to bolster Singapore’s defenses against crypto crime and cyber threats more generally, through the utilization of data and technology,” stated Ong.
The plea for strengthening cyber defenses was echoed by Angela Ang of TRM Labs, who emphasized the necessity for increased regulatory support to foster the growth of digital assets.
“To provide clarity to businesses at scale, whether through licensing decisions or implementation guidance, the Government must invest in both human capital and technology throughout the regulatory process,” remarked Ang.
The Straits Times reported that Deputy Prime Minister and Minister for Finance Lawrence Wong will present the Singapore 2024 Budget Statement on Feb. 16.