Singapore's 2024 Budget Prioritizes Web3 Transition and Cyber Defense in Blockchain


InIn preparation for the upcoming 2024 Budget Statement to be presented by Deputy Prime Minister and Minister for Finance Lawrence Wong on Feb. 16, Singapore is poised to fortify its position as a leading hub for innovative blockchain projects. The budget is expected to address critical issues such as the transition of web2 developers to web3 and the imperative need for enhanced cyber defenses in the blockchain sector.

Lim, a key figure in the industry, emphasized the significance of supporting web2 developers in their shift to web3, particularly those facing job displacement. This strategic move aims to solidify Singapore's status as a center for cutting-edge blockchain initiatives.

Elaine Zhu of Parity Asia underscored the urgent requirement for blockchain education, expressing concern over the decline in the number of new developers. Citing a report by Electric Capital, Zhu revealed a 52% decrease in the number of newly qualified developers in 2023, even though the overall number of experienced developers remained healthy.

The industry collectively called for reinforced cyber defenses to counter the escalating threat to digital assets. The emphasis on security reflects the broader challenge of ensuring the safe proliferation of web3 technologies and digital currencies within Singapore's tech landscape.

Ong Chengyi, representing Chainalysis, identified web3 as pivotal for long-term growth and advocated for sustained government support to enhance the sector's capability in managing risks through advanced technological solutions. Ong expressed hope for increased public-private collaboration to bolster Singapore's defenses against crypto crime and cyber threats.

Angela Ang of TRM Labs echoed the call for stronger cyber defenses and emphasized the need for increased regulatory support to foster the growth of digital assets. Ang highlighted that regulatory clarity is crucial for businesses, urging the government to invest in both human capital and technology throughout the regulatory process.

As Singapore positions itself for continued leadership in the blockchain space, the 2024 Budget is anticipated to allocate resources towards facilitating the transition to web3, addressing the decline in developer numbers, and strengthening cyber defenses to safeguard digital assets. The government's commitment to these initiatives is expected to be outlined in the upcoming budget statement.

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