With the 2024 Budget announcement just around the corner, Singapore’s Web3 community is vocal that government support is essential.
According to a recent report in The Straits Times, Singaporean companies are particularly looking for help in two key areas: developing a talent pool with expertise in blockchain technology and strengthening their defenses against cyber threats. .
Singapore’s Web3 companies look forward to budget support to expand talent pool and build cybercrime defenses https://t.co/340TCaCRke
— ST Business Desk (@stbusinessdesk) February 12, 2024
Demand for more Web3 contributors in Singapore
The lack of skilled professionals in the blockchain space is a major barrier to the growth of Singapore’s Web3 sector. Danny Lim, a lead contributor at decentralized exchange MarginX, emphasized that the need for experienced developers will be a pressing issue.
Mr Lim said it was particularly important to help Web2 developers migrate to Web3 on a budget, especially those facing turnover, to solidify Singapore’s position as a hub for innovative blockchain projects. He said that.
Elaine Zhu of Parity Asia pointed out the urgent need for blockchain education and expressed concern about the decline in new developers.
“The number of experienced developers here remains healthy,” Zhu said, citing a recent Electric Capital report that quantified developer activity across Web3. Ta. “However, the number of newly qualified developers fell by 52% in 2023.”
Strengthening cyber defenses
Additionally, the industry called for stronger cyber defenses to protect against growing threats to digital assets. The emphasis on security highlighted the broader challenges of ensuring the safe expansion of his Web3 technology and digital currency within Singapore’s technology environment.
Chainalies’ Ong Chengyi believes web3 is critical to long-term growth and advocates continued government support to strengthen the sector’s ability to manage risk with advanced technology solutions. I am.
“We look forward to further public-private collaboration to build Singapore’s defenses against crypto crime and cyber threats more generally through the use of data and technology,” Mr Ong said. Ta.
The call for stronger cyber defenses was echoed by Angela Ang of TRM Labs, who emphasized the need for stronger regulatory support to foster the growth of digital assets.
“Providing clarity to large businesses through licensing decisions and implementation guidance requires governments to invest in both human capital and technology throughout the regulatory process,” Ang said.
The Straits Times reported that Deputy Prime Minister and Finance Minister Lawrence Wong will announce Singapore’s 2024 Budget on February 16.
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