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A striking wave of anticipation swept through the digital currency industry as approximately 150 businesses applied for a Hong Kong cryptocurrency license on June 1. Despite shelling out up to a staggering $25 million for the chance to operate a local crypto trading platform, these firms haven't resulted in a proportional rise in job opportunities, leading recruiters say.
Sue Wei, a prominent recruitment company, revealed that although crypto firms appear to be gearing up to establish themselves in Hong Kong, the demand for new hires remains relatively muted. She pointed out that many web3 businesses are only just starting out and predicted that employment opportunities will increase as these firms grow.
Interestingly, Wei reported a significant drop in requests for tech talent recruitment since the crypto market's slump. This decline was especially noticeable during a period of widespread layoffs, which instilled a sense of hesitation among potential employees due to the volatile nature of the crypto business.
A similar sentiment was echoed by Cryptorecruit's founder, Neil Dundon, who stated that, despite changing regulations, the current level of venture activity in Hong Kong is surprisingly low. Yet, he is optimistic about a potential upswing in the near future.
Adding to the explanation, Olga Yung, Michael Page's Hong Kong managing director, noted that there hasn't been a marked rise in job seekers in the web3 sector, even in light of government support.
Looking forward, Kevin Gibson, the founder of Proof of Search, a web3 recruitment firm, stated that it might take half a year for a significant influx of crypto talent to reach Hong Kong as firms await license approvals. He indicated that the local talent pool is currently limited, which might lead to fierce competition for skilled personnel.
According to Gibson, businesses setting up shop in Hong Kong need to ensure they have full-time roles filled. As a result, he anticipates a talent crunch persisting into 2024, and possibly even prompting web3 companies to relocate to jurisdictions more favorable to cryptocurrency if their plans are successful.
