Hundreds of companies have lined up for a Hong Kong crypto license, but recruiters say there hasn't been a matching rush for skills.Crypto firms may appear to be eagerly anticipating their debut into Hong Kong, but this has yet to transfer into in-country jobs, according to recruitment executives.Around 150 organizations applied for a local crypto …
Hundreds of companies have lined up for a Hong Kong crypto license, but recruiters say there hasn’t been a matching rush for skills.
Crypto firms may appear to be eagerly anticipating their debut into Hong Kong, but this has yet to transfer into in-country jobs, according to recruitment executives.
Around 150 organizations applied for a local crypto license, which allows the establishment of a local crypto trading platform. Some have reportedly spent up to $25 million to obtain one.
According to Sue Wei, managing director of major recruiting firm Hays, while exchanges have been attempting to establish a presence in Hong Kong, the industry’s recruitment needs “are light as of now.”
In fact, Wei stated that her firm has witnessed a “significant decrease in requests for recruiting technical talent” since the crypto market’s downturn.
This was especially true when talent was “laid off en masse,” making others apprehensive to work at a crypto company “due to the unstable nature of the business that primarily relies on crypto prices,” she explained.
As a result, despite the government’s recent drive, Michael Page Hong Kong’s managing director, Olga Yung, has yet to witness “a significant increase” in those looking for positions in Web3.
Yung did remark a “slight uptick” in Web3 enterprises looking for “legal and compliance hires” in the mid to late second quarter of 2023.
According to Kevin Gibson, CEO of Web3 recruitment agency Proof of Search, it might take up to six months for crypto talent to flood into the region while companies await licensing approvals.
Setting up in Hong Kong necessitates full-time positions for crucial positions. Gibson predicts that a “talent squeeze” will persist through 2024, with Web3 companies “likely looking to move headquarters to a pro-crypto jurisdiction if things go as planned.”
The most recent demographic data for the city show a negative population growth rate since 2020. According to employment statistics for the first quarter of 2023, the number of openings grew by about 38% compared to the same period last year.
The biggest problem is “attracting talent with an interest in these sectors” because many candidates are risk-averse due to “current market sentiment.”
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