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Singapore’s growing web3 and cryptocurrency industry is asking the government for assistance in developing talent and cyber defenses as the Budget 2024 announcement approaches.
Talent Pool and Developer Shortfall
Several local web3 firms highlighted increasing demand for skilled blockchain professionals and the need to help traditional web2 developers transition to web3 roles. Lim from exchange MarginX stressed “the serious shortage of experienced blockchain developers” and called for government programs to “aid the transition of web2 to web3 talents.”
Elaine Zhu of Parity Asia noted a 52% decline in new blockchain developers by 2023, saying “An expanded talent pool is crucial for the growth of the web3 sector.”
Improving Risk Management and Regulatory Guidance
Ong Chengyi from Chainalysis urged the government to provide “long term support through policies that improve risk management capabilities using advanced technologies.” Angela Ang of TRM Labs emphasized the importance of “clearer regulations and guidance for businesses operating in the digital asset space.”
The Budget 2024 announcement is scheduled for February 16, with the objective of strengthening Singapore’s position as a blockchain innovation hub while safeguarding against cybersecurity threats.
As the February budget reveal approaches, Singapore’s web3 community will be watching closely for potential assistance.
See the full ST report.
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