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Singapore’s Demand for More Web3 Contributors
The Singaporean web3 community stresses the urgent need for government assistance ahead of the 2024 Budget announcement, focusing on talent development and cybersecurity.
Talent Development: Transitioning to Web3
The shortage of skilled blockchain professionals poses a significant challenge for Singapore’s web3 sector. Danny Lim of MarginX highlights the pressing demand for experienced developers and suggests supporting web2 professionals transitioning to web3, especially those facing job displacement.
Elaine Zhu from Parity Asia emphasizes the need for blockchain education, expressing concerns over the declining number of new developers. Despite healthy numbers of experienced developers, the decline in newly qualified developers by 52% in 2023 is alarming, underscoring the necessity for intervention.
Strengthening Cyber Defenses
Singapore’s web3 industry calls for reinforced cybersecurity measures to safeguard against rising threats to digital assets. Ong Chengyi from Chainalysis stresses the importance of sustained government support to enhance the sector’s ability to manage risks through advanced technological solutions.
Angela Ang of TRM Labs echoes the sentiment, highlighting the crucial role of regulatory support in fostering digital asset growth. Increased clarity and guidance through regulatory processes are essential for businesses, necessitating investments in human capital and technology.
Outlook on the 2024 Budget Announcement
Deputy Prime Minister and Minister for Finance Lawrence Wong is set to present the Singapore 2024 Budget Statement on Feb. 16. The web3 sector anticipates favorable measures to address talent shortages and cybersecurity concerns, vital for Singapore’s tech ecosystem’s continued growth and resilience.
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