How Is Crypto Affecting Singapore Tech Job Market? Should You Join in?
Technology is rapidly developing, and as a result, the job market is constantly evolving to make the most out of it.
Imagine, just a couple of decades ago, students weren't going to universities to prepare them for roles like Social Media Specialists, Podcast Producers, or Digital Marketers.
The finance sector is experiencing this evolution now, with the rise of a new industry, Fintech. Together with this rise comes the growing popularity of cryptocurrency. It has resulted in considerable growth of Singapore tech jobs available in the job market.
Here are some things you should know about cryptocurrency and how it's affecting the job landscape in Singapore:
What Is Cryptocurrency?
You may have heard of Bitcoin, Ethereum, or Dogecoin, some of the most popular cryptocurrencies today. However, there are a lot more coins or currencies that are available out there.
Financial website Investopedia defines cryptocurrency as a digital or virtual currency secured by cryptography. The data to make this currency work is created and stored using a type of database known as blockchain technology.
Cryptocurrency gets its name from cryptography - the study of secret writing. The "secret writing technique" that they use in transactions is blockchain. Cryptocurrency aims to make transactions decentralised.
Fiat currency, or money as we know it, is managed by a single entity that creates and regulates it, which is the central bank. Fiat currency only works in the country it was created, so you have to exchange it when you travel to other countries.
Meanwhile, cryptocurrencies in a blockchain are not created or regulated by a central location. Instead, multiple users maintain and validate it in a massive peer-to-peer network. As such, its value remains the same no matter where you are in the world.
Why is Cryptocurrency Becoming Popular in Singapore?
Cryptocurrency (or crypto for short) is still not a mainstream transaction method, but it has grown exponentially over the past year. However, since it is a decentralised currency that no single entity regulates, it can potentially be used for illegal activities, like money laundering or even global terrorist funding.
As a result, governments around the world have taken it upon themselves to regulate its use. Singapore has also placed regulations on crypto, but it is more friendly than other markets.
These friendly regulations have resulted in more crypto companies flocking to Singapore to set up shop. Binance, one of the biggest trading platforms of crypto, is one of the first companies to be given a license to operate in Singapore and is now advertising more than 200 jobs.
With the rise of corporate presence and national acceptance comes the growth of awareness, hence its popularity. A recent survey found that 93% of Singaporeans are aware of it, and 43% own some.
How Does the Rise of Cryptocurrency Affect Singapore Jobseekers?
Working from home has its perks, but earning a passive income would be a more ideal alternative. The rise of cryptocurrency has the potential to offer a way to earn in both ways.
Investment opportunities
Trading cryptocurrency is like trading in the stock market. It provides a more attractive way to earn passively compared to bank interest.
Crypto is especially appealing to the younger generation. The survey mentioned earlier revealed that 66% of people in the 26 to 45 age group owned some crypto. The high potential for returns and the fact that it can be traded without going through brokers are a couple of factors that drive its appeal.
Investing in the right crypto could even help you in planning to retire early!
However, unlike the stock market, the value of cryptocurrency is mostly speculative, since it isn't tied to a single company.
It can be highly volatile and unpredictable. As such, it can be extremely profitable or could incur massive losses in just days, hours, or even minutes. Sometimes, a single tweet from Tesla CEO Elon Musk drastically changes the price of a cryptocurrency.
Because of this, the Monetary Authority of Singapore (MAS) has issued numerous consumer advisories encouraging people to take caution when trading it.
Job Opportunities Related to Cryptocurrency
With crypto companies flocking to Singapore, opportunities to work in the growing industry are on the rise.
However, since the industry is still in its infancy, crypto companies struggle to find talents with relevant experience. It doesn't stop them from hiring people, though.
Companies are lowering their expectations in terms of experience. Instead, they are looking to fill needs from existing industries.
Here are some examples of available jobs in the market:
Also read: New Career Opportunities: Blockchain Jobs You Can Apply For
In-demand skills
Breaking into the crypto industry can be easier, especially if you know which skills you need to develop.
Since crypto is a very new concept, no university courses offer a direct path to learning about it or preparing for careers related to it. However, technical skills in IT, accounting, and marketing are desirable in this industry.
As in any industry, transferable skills can also be quite valuable when shifting or entering this industry.
Communication skills
Crypto and blockchain are new concepts that may be quite difficult to explain to those with no knowledge of them. If you're going into sales and marketing, having good communication skills will be essential to your success.
Meanwhile, in any role, the ability to clearly express your message through spoken or written means is important, especially if you're working in a team.
Curiosity
Developments in crypto have just started gaining ground, and we're still just scratching the surface of its immense growth potential. Everyone is still learning and exploring the technology, and it could be difficult to carve out a career path in it if you don't know how it will eventually evolve.
While the compensation for some job openings can be attractive, you may not thrive in this industry if you're not genuinely interested in understanding and learning about it.
Some employers even specify that a passion and interest in crypto can be a plus on their job ads!
Social media optimisation
Social media is a huge part of our daily lives. Maximising its use to raise awareness and interest in crypto can be an essential part of helping the industry grow.
Hence, this is a highly desirable skill to have, especially in marketing and sales.
Math skills
At its core, crypto aims to be a currency used for trade. Therefore, it will deal a lot with numbers. Candidates who were previously in banking, accounting, finance, and sales roles will thrive here if they have strong math skills.
Programming skills
Crypto exists in the digital space. Hence, the technical knowledge needed for it is innate to IT professionals. Creating and maintaining a blockchain requires technical proficiency in programming languages.
Additionally, it can also help develop apps that people can use to trade or keep their cryptocurrencies. Thus, these skills are very desirable for companies in this industry.
The world is still in the process of understanding how to utilise the benefits of crypto fully. However, as we learn more about it, we create more roles to keep up with it.
As a result, new jobseekers and those looking for a mid-career shift will have no shortage of options to choose from if they decide to look into this industry.
If you think you have the tools and passion for this industry, then take the first step in exploring this career journey by updating your JobStreet Profile. From there, you can start searching for #JobsThatMatter.
Be sure to check out the Career Resources page for advice on how you can improve your employability; from writing a great resume to interview tips, JobStreet will help you every step of the way!
