Singapore’s Web3 Firms Call for Budget Support to Boost Talent and Security

With the 2024 Budget announcement on the horizon, Singapore’s web3 community is voicing a critical need for government support.

According to a recent report by The Straits Times, the Singaporean firms are specifically looking for help in two key areas: developing a skilled talent pool equipped with blockchain technology expertise and strengthening defenses against cyber threats.

Web3 firms in S’pore hope for Budget help to grow talent pool, build cyber crime defences https://t.co/340TCaCRke

— ST Business Desk (@stbusinessdesk) February 12, 2024

Singapore’s Demand for More Web3 Contributors

The lack of skilled professionals in the blockchain domain is a significant barrier to growth for Singapore’s web3 sector. Danny Lim, a core contributor at the decentralized exchange MarginX, emphasized that demand for experienced developers would be pressing issue.

To cement Singapore’s position as a hub for innovative blockchain projects, Lim said that supporting web2 developers in their transition to web3 with the Budget, especially those facing job displacement, is particularly important.

Elaine Zhu of Parity Asia pointed out the urgent need for blockchain education, expressing concern over the declining number of new developers.

“Citing a recent Electric Capital report that quantifies developer activity across Web3, she said the number of experienced developers here remains healthy,” said Zhu. “But the number of newly qualified developers fell by 52 per cent in 2023.”

Strengthening Cyber Defenses

Furthermore, the industry called for strengthened cyber defenses to protect against the increasing threat to digital assets. The emphasis on security highlighted the broader challenge of ensuring the safe expansion of web3 technologies and digital currencies within Singapore’s tech landscape.

Ong Chengyi, from Chainalysis, viewed web3 as pivotal for long-term growth and advocates for sustained government backing to enhance the sector’s capability to manage risks with advanced technological solutions.

“We hope to see more public-private collaboration to build Singapore’s defences against crypto crime, and cyber threats more generally, through the use of data and technology,” said Ong.

The advocation for strengthening cyber defenses was echoed by Angela Ang of TRM Labs, who highlighted the need for increased regulatory support to foster the growth of digital assets.

“To deliver clarity to businesses at scale, whether it’s through licensing decisions or implementation guidance, the Government must invest in both human capital and technology throughout the regulatory process,” said 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.