Excitement For Crypto License is Yet to Translate to Jobs – Hong Kong Recruiters

July 11, 2023

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Recruiters in Hong Kong have reason to believe that the growing excitement towards receiving a crypto license in the region has in no way translated into jobs for the locals.

Reports show that as of June 1st, over 150 digital asset service providers submitted applications for a crypto license, allowing them to offer their products to users in Hong Kong as a crypto trading platform.

Crypto Firms Spend Millions on Hong Kong License

Many of these companies have spent up to $25 million to secure this crypto license. Meanwhile, Sue Wei, the managing director of major recruitment firm Hays explained to Cointelegraph that this rally around crypto licenses has not materialized efficiently for recruiting firms as the industry’s recruitment needs “are light as of now.”

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“Many Web3 companies are still in the early stages of development, but we anticipate an increase in openings as they continue to scale up and mature,” she added.

Crypto Winter Impacts Negatively on Technical Jobs

Also, she highlighted that her firm has seen a sharp decline in the request for technical talents since the dip in the broad crypto market.

This was generally the case for most firms during the harsh crypto winter which pushed many into making unfavourable decisions. There were several layoffs in the industry including that of Coinbase which reduced its headcount by 18%, BlockFi by 20%, Gemini by 10%, Blockchain.com by 25%, OpenSea by 20%, Robinhood by 23%, and Banxa by 25%.

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The massive retrenchment made many talents hesitant towards working with crypto firms in Hong Kong and around the world. They believe that these crypto entities are unstable as the business mainly relies on the prices of crypto.

Beyond Crypto License, Hong Kong Sees Limited Venture Activity

Neil Dundon, the founder of a crypto recruiter known as Cryptorecruit shares the same sentiment as Wei. He confirmed that he has not noticed so much going on in Hong Kong in terms of venture activity. But at the same time, “it feels like we have bottomed, and I expect this to start trending upward from here.”

It is important to note that Hong Kong is one of the regions that have established licensing guidelines for crypto exchanges in its region. The Securities and Futures Commission (SFC) of Hong Kong is still working on issuing more guidelines for the nascent industry.