- The Monetary Authority of Singapore (MAS) announced a commitment of $150 million Singapore dollars for building the web3. Apparently, the fund will go through the Financial Sector Technology and Innovation Scheme over 3 years.
- This funding is mainly for developing emerging industries in the country, such as web3. Singapore aims to become a web3 hub within the span of 3 years.
The web3 space rejoiced when The Monetary Authority of Singapore (MAS) announced massive funding for Web3 in the country. Apparently, the government, via the Financial Sector Technology and Innovation Scheme, will give out S$150 million for emerging sectors. Their focus in disbursing the money is the Fintech sector. Even more, the MAS specifically mentioned web3 as part of the sectors to benefit from the new development.
Singapore Creates New Funding for Web 3
In a statement, the MAS spoke on creating new funding for emerging technologies in the country. Apparently, they want to create an enabling environment for many crypto firms. Moreover, web3 is rooted within the blockchain and is also a direct benefit for the crypto community.
However, the Singaporean government wants to see more use cases of web3 applied to the real world. For a government that supports such technology, they back it up with funding, so start-ups and firms can benefit from it. In fact, part of the funding will go into trials for many proposed web3 use cases. Assuming the tests succeed, the government would want to implement them in a real-world scenario. Moreover, the total amount of funding is around S$ 150 million for all emerging technologies. When converted to US dollars, it is worth around $111 million.
Part of the statements released by the MAS says, “MAS recognises the importance of partnering with the industry to support innovative FinTech solutions arising from emerging technologies such as Web 3.0. MAS will conduct open calls for the use of innovative technologies in industry use cases. Grant funding will be provided to support actual trial and commercialisation.”
Singapore Big on the Crypto Industry
Singapore is one of the countries supporting the development of the crypto ecosystem, including web3 and NFTs. Many things make a country attractive to investors and crypto firms who want to build up. However, one of the things that stands out is the regulations and policies in the country. For instance, many crypto companies move away from the US due to unclear crypto regulations.
That’s why many crypto companies continue to move to the Singapore. For instance, Wintermute, a market-making firm, decided to move a large part of the workforce to Singapore. Also, the High Court of Singapore says cryptocurrencies are legal property.
Conclusion
Singapore is one of few countries that opens its arms to the crypto industry. In fact, the acceptance of the crypto industry extends to sister industries such as NFTs and web3. Recently, their government said web3 is part of a S0 million fund.
