Hong Kong crypto license rush has yet to translate into jobs: recruiters

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Crypto firms may appear to have been preparing for entry into Hong Kong with unrelenting enthusiasm, but that has yet to translate to in-country hiring, according to hiring managers.

On June 1, around 150 companies lined up for a local crypto license that allows the operation of a local crypto trading platform. Some even reportedly spent up to $25 million to catch one.

Speaking to Cointelegraph, Sue Wei, chief executive of major recruiting firm Hays, said while exchanges are looking to establish a base in Hong Kong, the industry’s recruiting needs are light at the moment.

Many Web3 businesses are still in the early stages of development, but we expect openings to increase as they continue to grow and mature.

In fact, Wei said that since the drop in the crypto market, his company has seen a significant decrease in requests for technical talent recruitment.

This was especially the case when talent was laid off en masse, which made some reluctant to work at a crypto company due to the unstable nature of the business which relies primarily on crypto prices, a- she declared.

Similarly, the founder of crypto recruiter Cryptorecruit, Neil Dundon, said he didn’t really notice much in Hong Kong.

Even though the rules have changed, venture capital activity is extremely low right now, he said. Although, we feel like we’ve hit rock bottom, and I expect that to start going up from here.

Michael Page Hong Kong’s managing director, Olga Yung, also said she has yet to see a significant increase in the number of people looking for jobs on the Web3, despite recent government pressure.

However, Yung noted a slight increase in the number of Web3 companies seeking legal and compliance hires in the middle to late second quarter of 2023.

The talent war is coming

Looking ahead, Kevin Gibson, founder of recruitment firm Web3 Proof of Search, told Cointelegraph that it could take six months for crypto talent to surge into the region as companies wait for licensing approvals. .

Many specialist talents have left Hong Kong in recent years, Gibson explained. He said the local talent pool was thin and companies landing in Hong Kong would find themselves in an extreme war for talent.

Moving to Hong Kong requires key roles to be full-time positions. Gibson thinks the talent shortage will continue into 2024, as Web3 companies will likely look to move their headquarters to a pro-crypto jurisdiction if things go according to plan.

The latest demographic data for the city shows a negative population growth rate since 2020. Employment statistics for the first quarter of 2023 show that the number of vacancies increased by almost 38% compared to the same period. last year.

The job vacancy rate in Hong Kong has been showing an upward trend since mid-2021. Source: Department of Census and Statistics

Yung added that the main challenge is attracting talent interested in these sectors, as many candidates are risk averse given the current market sentiment.

Related: Hong Kong Creates Task Force to Advance Web3 Development

On the other hand, Neil Tan, President of the FinTech Association of Hong Kong, said that he met several people who had just made the switch from TradFi to crypto.

Tan said many are approached directly by crypto firms, while others use sites such as LinkedIn to find roles.

TradFi continues to downsize every year or two, Tan added, so stability isn’t necessarily as attractive as it once was.

Many people say that there is so much positive news inside the crypto and Web3 space in Hong Kong that they are ready to take a chance.

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