- Hong Kong has seen a surge of around 150 crypto firms seeking licensure, but the employment ripple effect remains underwhelming.
- Despite government support, job seekers haven’t been flocking to the crypto sector, keeping the talent pool restricted.
- Crypto firms’ move to Hong Kong may face obstacles in talent acquisition, possibly pushing some to seek more crypto-friendly jurisdictions.
Fascination around digital currency companies intensifies in Hong Kong as around 150 companies embark on the race for a coveted cryptocurrency license, each bearing a colossal price tag of up to $25 million. However, the ripple effect of this influx on job openings is yet to be felt, say recruitment experts.
Renowned job placement agency Sue Wei has highlighted that despite this surge, crypto businesses haven’t boosted job demand in Hong Kong significantly. Wei indicates that these web3 businesses are in their infancy and will need time to flourish and expand their employee base.
Interestingly, Wei witnessed a considerable reduction in the need for tech specialists amidst the downturn in the crypto market. This downturn, coupled with widespread job cuts, has injected a wave of caution among potential applicants considering the unstable nature of the crypto sphere.
Neil Dundon, the pioneer behind Cryptorecruit, concurs, adding that, despite regulatory shifts, there’s a surprisingly slackening pace in Hong Kong’s venture activities. However, Dundon stays hopeful about an upward swing in the foreseeable future.
Michael Page’s Hong Kong Chief, Olga Yung, contributes further to the narrative, noting the lack of a substantial increase in job hunters in the web3 field, despite supportive government initiatives.
The founder of Proof of Search, Kevin Gibson, anticipates a time span of six months before the influx of crypto talents saturates Hong Kong, pending license approvals. Gibson suggests that the existing talent pool is scarce, potentially sparking a fierce battle for seasoned professionals.
Gibson underlines that crypto firms establishing their bases in Hong Kong need to secure full-time positions. This, he predicts, could perpetuate a talent squeeze, possibly extending into 2024 and beyond, forcing some web3 companies to shift their operations to regions more welcoming of cryptocurrencies, provided their plans materialize.
Hong Kong Charts Progressive Path in Crypto and Web3 Sphere
Hong Kong’s government has demonstrated a pioneering approach towards the burgeoning sectors of cryptocurrencies and web3 technology. With the vision of leveraging their transformative potential in finance, trade, and business, Hong Kong is leading the pack in mid-2023 by establishing a focused task force committed to web3 advancement.
At the helm of the task force is Financial Secretary Paul Chan, leading a dynamic team that consists of government officials, financial regulators, and 15 non-official members. The inclusion of Yat Sui, a key player from Animoca Brands, underscores the integration of business sector insights into this ambitious initiative.
Earlier in the year, Hong Kong showcased its commitment to fostering the web3 ecosystem by allocating a significant budget of HK$50 million. This allocation amplifies the government’s commitment to bolster the city’s web3 sector.
The metropolis is carving its niche as a pivotal hub for digital asset trading and web3, expertly balancing between regulation and development. Moreover, a green light to retail traders to dive into cryptocurrency trading marks a significant step towards democratizing crypto engagement.
Parallel to Hong Kong’s strategic approach, China’s release of the “Web3 Innovation and Development White Paper (2023)” signals a prospective shift in Greater China’s viewpoint on cryptocurrencies. Rumors of a potential Bitcoin bull run further boost market optimism, indicating Hong Kong’s advantageous climate for web3 ventures as we advance through 2023.
