Sector Growth and Talent Development

Blockchain firms in Singapore anticipate support from Budget 2024 to bolster the talent pool and overcome barriers to adoption. Dr Danny Lim of MarginX stresses the need to upskill developers for Web3, likened to the next phase of the internet, advocating for incentives and educational programmes via platforms like SkillsFuture Singapore. Ms Elaine Zhu from Parity Asia echoes this sentiment, emphasising the importance of further investment in blockchain education amid a decline in newly qualified developers.

Sustainability and Innovation Initiatives

With a focus on sustainability, Mr Liu Yusho of Coinhako seeks resources for government agencies to assist crypto and Web3 companies, citing inflationary pressures and tax burdens on startups. Meanwhile, Mr Nikhil Joshi from Emurgo hopes for measures to reduce barriers for institutions to explore blockchain solutions, proposing adjustments to regulatory frameworks to incentivise technological advancement and experimentation.

Government Support and Regulatory Clarity

Mr Joshi advocates for incentives and opportunities for institutional players to adopt innovative technologies, beyond initiatives like Project Guardian. He stresses the need for improved public understanding of blockchain beyond cryptocurrency speculation. Government support extends to enhancing Singapore's cybersecurity resilience, as noted by Ms Ong Chengyi from Chainalysis, who emphasises the importance of technology-based risk management solutions.

Enhancing Regulatory Resourcing

Ms Angela Ang of TRM Labs calls for increased regulatory resourcing to provide clarity and support to digital asset businesses. She highlights Singapore's clear regulatory framework as an attractive feature but underscores the necessity for continued investment in human capital and technology.

The Role of Budget 2024 in Shaping Singapore's Blockchain Landscape

The upcoming budget presents a crucial opportunity for Singapore to solidify its position as a leading hub for blockchain innovation. By prioritising talent development, sustainability initiatives, and regulatory clarity, the government can foster a thriving ecosystem conducive to growth and resilience in the digital economy. Increased support and investment in these areas will not only benefit existing players but also attract new businesses and talent, ensuring Singapore remains at the forefront of blockchain technology adoption and regulation.