Singapore’s Web3 Community Calls for Government Support in Budget
As the 2024 Budget announcement approaches, Singapore’s web3 community is urging the government to provide crucial support. According to a recent report by The Straits Times, local firms in Singapore are specifically seeking assistance in two key areas: developing a skilled talent pool with expertise in blockchain technology and strengthening defenses against cyber threats.
Demand for Skilled Professionals in the Web3 Sector
The scarcity of skilled professionals in the blockchain field poses a significant obstacle to Singapore’s web3 sector. Danny Lim, a core contributor at decentralized exchange MarginX, emphasized the urgent need for experienced developers. Supporting web2 developers in transitioning to web3 is vital for Singapore to establish itself as a hub for innovative blockchain projects.
Elaine Zhu of Parity Asia expressed concern over the declining number of new blockchain developers and highlighted the importance of blockchain education.
Enhancing Cyber Defenses
The industry also called for strengthened cyber defenses to safeguard digital assets from increasing threats. Ong Chengyi from Chainalysis believes that web3 is crucial for long-term growth and advocates for sustained government backing to manage risks using advanced technological solutions.
Angela Ang of TRM Labs echoed the need for increased regulatory support to foster the growth of digital assets and ensure clarity for businesses.
The Singapore 2024 Budget Statement will be presented by Deputy Prime Minister Lawrence Wong on February 16, according to The Straits Times.
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