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Deputy Prime Minister and Minister for Finance Lawrence Wong is slated to unveil the Singapore 2024 Budget Statement on Feb. 16. As Singapore prepares for the unveiling of its 2024 Budget, the city-state’s Web3 community is amplifying its call for crucial government backing. That’s according to a recent report by The Straits Times. The plea from Singaporean firms revolves around two pivotal areas: one, nurturing a proficient talent pool well-versed in blockchain technology; and, in addition to that, having a strength and depth in cybersecurity, so as to fortify defenses against cyber threats.Photo by David Pardo Bernal on UnsplashUrgent need for Web3 talentSome time ago, stakeholders in Singapore set out their stall in terms of the ambition of firmly establishing the city-state as a global hub for Web3 development. It’s off to a good start with many notable crypto and Web3 companies having established themselves in Singapore. However, broadening that industry hub to the fullest extent will involve overcoming the significant hurdles hindering the growth trajectory of Singapore’s Web3 sector. Top of the list is the scarcity of skilled professionals in the blockchain domain. Danny Lim, a core contributor at MarginX, a decentralized exchange, stressed the pressing demand for seasoned developers. Lim underscored the necessity of supporting Web2 developers transitioning into Web3 realms, especially those grappling with job displacement, to solidify Singapore’s status as a nucleus for groundbreaking blockchain ventures. Elaine Zhu, the general manager of the Asian division of blockchain infrastructure firm Parity Technologies, emphasized the critical need for blockchain education, expressing apprehension over the dwindling influx of new developers. In citing a recent report by crypto-focused venture capital firm Electric Capital which quantified developer activity across Web3, Zhu noted that the number of experienced developers in Singapore remains healthy. However, the report found that the number of newly qualified developers dropped by 52 percent last year. Bolstering cyber defensesAdditionally, the industry is clamoring for fortified cyber defenses to shield against the escalating threat landscape targeting digital assets. This focus on security underscores the broader challenge of ensuring the secure proliferation of Web3 technologies and digital currencies within Singapore’s technological ecosystem. A report by Singapore-based blockchain security firm Beosin last year found that exit scams are a growing concern in the crypto-sphere. At the end of last month, the Singapore Police Force, alongside the Cyber Security Agency of Singapore (CSA), issued an advisory in order to raise awareness regarding crypto-centric cyber attacks. Ong Chengyi, representing Chainalysis, hailed Web3 as pivotal for long-term growth and advocated for sustained governmental support to enhance the sector’s capability in mitigating risks using advanced technological solutions. Ong remarked:“We hope to see more public-private collaboration to bolster Singapore’s defences against crypto crime and cyber threats more generally, through the utilization of data and technology.” Angela Ang of TRM Labs echoed that sentiment, emphasizing the imperative for heightened regulatory support to nurture the expansion of digital assets. Ang stated:“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.” 

Cryptocurrencies tied to the family of U.S. President Donald Trump began trading on South Korea’s major exchanges on Monday. Upbit, the country’s largest exchange, listed WLFI—the native token of World Liberty Financial, a DeFi platform backed by the Trump family—and World Liberty Financial USD (USD1), a stablecoin the platform says is pegged 1:1 to the U.S. dollar and backed by dollars and government money market funds. Bithumb also listed both WLFI and USD1, while Coinone listed WLFI only.Photo by Scottsdale Mint on UnsplashFrom global listings to a volatile debutWLFI’s first session was volatile. It opened on Upbit at a floor price of 433.76 won ($0.31) and, roughly 17 hours later, was down about 25% at 323 won ($0.23) at the time of publication.Source: WLFI/KRW spot trading pair on UpbitThe Korean launch comes alongside listings on major global venues, including Binance and Coinbase. Until its exchange listings, WLFI holders had been unable to trade their tokens. The Wall Street Journal estimated the Trump family’s holdings, representing less than a quarter of the supply, to be worth close to $5 billion after the listing. Trump’s three sons are named as co-founders of World Liberty, which says tokens allocated to founders and team members will remain locked. President Trump is described as the project’s “co-founder emeritus.” Political controversy over crypto and holdingsThe project has drawn criticism from those who argue it could serve as a conduit for influence, with partners and investors seeking political favor. In April, Democratic lawmakers Senator Elizabeth Warren and Representative Maxine Waters warned the U.S. Securities and Exchange Commission that the family’s stake posed “an unprecedented conflict of interest” in oversight of the crypto industry. Later, White House press secretary Karoline Leavitt said, “Neither the President nor his family have ever engaged, or will ever engage, in conflicts of interest.” Controversy over public officials’ crypto exposure is not new. Recently, it was reported by The Chosun Ilbo that as of Aug. 14, Lee Eog-weon, nominee to chair South Korea’s Financial Services Commission (FSC), held 10 shares of Strategy, a Nasdaq-listed Bitcoin treasury company with 632,457 BTC in reserves. The disclosure indicates no legal violation because the holdings predate his nomination, but it highlights tension with his public views. In a letter to parliament ahead of his confirmation hearing, Lee questioned crypto’s intrinsic value and argued its volatility undermines its utility as a store of value or medium of exchange. If Lee were not seeking a government post, his holdings of crypto-related stocks would hardly surprise South Koreans. According to Money Today, citing data from the Korea Securities Depository (KSD), Korean investors increased purchases of crypto-related U.S. equities amid expectations of U.S. rate cuts. Bitmine Immersion Technologies—a Bitcoin miner that also accumulates Ethereum as a treasury asset—was the second-most purchased U.S. stock by Koreans in August, with net buys of $252.77 million, or 7.6% of all purchases among the top 50 U.S. stocks. Stablecoin issuer Circle ranked 10th at $92.62 million, and the GraniteShares 2x Long COIN Daily ETF, which delivers twice the daily price movement of Coinbase, ranked 11th at $90.74 million. In total, crypto-related stocks and ETFs accounted for 30.4% of the top 50 U.S. equity holdings by value. South Korea weighs spot ETFs amid investor surgePolicy is moving in tandem with market interest. Spot crypto ETFs have recently been elevated to South Korea’s national agenda, opening the door to potential approval. Analysts say such products could repatriate demand that has been flowing overseas. Kim Jin-young of Kiwoom Securities argues that expanded regulatory approval could reshape Korea’s capital market by widening investor access, drawing in institutional capital, stabilizing prices, and diversifying available crypto-linked products. 

Bunzz expands Web3 enterprise services in JapanSingapore-based company Bunzz, one of the largest dApp development platforms in the Asian region, has expanded its enterprise service offering to include the introduction of a specialized hackathon service geared towards developers in Japan.Photo by Jezael Melgoza on UnsplashWeb3 hackathon serviceThe new service offering, disclosed by the Singaporean startup via a press release published on Tuesday, follows on from a successful seed funding round that injected $4.5 million into the company. Bunzz is introducing a specialized hackathon service exclusively tailored for developers in Japan.The new service from Bunzz is designed to provide comprehensive support to projects and companies in planning and hosting hackathons, with a keen focus on meeting the unique needs of the Japanese developer community.Bunzz offers a suite of services that includes assistance in creating hackathon concepts, formulating effective marketing strategies for Japanese developers and providing extensive support throughout the entire hackathon process — from logistical arrangements to technical guidance and judging assistance. The hackathon-related service offering includes hackathon planning and design, marketing and promotion and management support.Capitalizing on Japanese Web3 growthThis expansion is not just an arbitrary move. The dApp development platform has taken note of Japan’s strong inclination towards embracing Web3 services. With that, it’s looking to capitalize on that market development.With Japan known for its openness to adopting new technologies, Japanese firms are actively seeking opportunities to integrate Web3 solutions into various facets of their operations. Back in April, the Japanese authorities published a whitepaper on Web3 titled “Web3 for All: The Future of the Digital Economy in Japan.” The objective of that whitepaper was to formulate a roadmap that could lead to the fostering of innovation when it comes to Web3.In September, Japan took a step towards allowing startups to raise capital from venture capital firms using digital assets instead of equity. The nation’s robust interest in decentralized applications and technologies has set the stage for Bunzz’s innovative offering. Added to that, Kenta Akutsu, Bunzz’ Co-Founder and CEO, is Japanese, and that may also have played into the decision to target the Japanese market in this instance.‘Bunzz for Enterprise’Earlier this month, Bunzz launched “Bunzz for Enterprise.” As part of that initiative, Bunzz offers consulting and system development support to companies attempting to enter the Web3 domain. The firm claims to have at its disposal over two hundred smart contract templates, made available to platform users via its Smart Contract Hub.In June, the fledgling Web3 platform launched a developer tool called DeCipher in an effort to assist developers in their approach to smart contract documentation, making that process more streamlined and efficient.Through this latest service offering, Bunzz is attempting to extend a warm invitation to projects and companies eager to tap into the skills and potential of Japanese developers through hackathons. This initiative presents an excellent opportunity for engagement with a community that purports to be deeply invested in Web3 and enthusiastic about exploring new technological frontiers.