{"id":19844,"date":"2023-07-10T03:08:49","date_gmt":"2023-07-10T03:08:49","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/rush-for-hong-kongs-crypto-licenses-yet-to-translate-to-jobs-recruiters\/"},"modified":"2023-07-10T03:08:51","modified_gmt":"2023-07-10T03:08:51","slug":"rush-for-hong-kongs-crypto-licenses-yet-to-translate-to-jobs-recruiters","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/rush-for-hong-kongs-crypto-licenses-yet-to-translate-to-jobs-recruiters\/","title":{"rendered":"Rush for Hong Kong\u2019s crypto licenses yet to translate to jobs: Recruiters"},"content":{"rendered":"
Crypto firms may appear to have been prepping entry to Hong Kong with unabated excitement, but it\u2019s yet to translate into in-country hires, according to recruitment executives. <\/p>\n
On June 1, around 150 companies lined up for a local crypto license which permits the operation of a local crypto trading platform. Some have reportedly even spent up to $25 million to nab one.<\/p>\n
Speaking to Cointelegraph, Sue Wei, managing director of major recruitment firm Hays, said that while exchanges have been seeking to build a base in Hong Kong, the industry\u2019s recruitment needs \u201care light as of now.\u201d<\/p>\n
\u201cMany 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.\u201d<\/p><\/blockquote>\n
In fact, Wei said that since the dip in the crypto market, her firm has seen a \u201csignificant decrease in requests for recruiting technical talent.\u201d<\/p>\n
This was particularly the case when talent was \u201claid off en masse,\u201d which made some hesitant toward working at a crypto company \u201cdue to the unstable nature of the business that mainly relies on the prices of crypto,\u201d she said.<\/p>\n
Similarly, crypto recruiter Cryptorecruit founder Neil Dundon said he hasn\u2019t \u201creally noticed much going on in Hong Kong.\u201d<\/p>\n
\u201cEven though rules have changed, venture activity is extremely low right now,\u201d he said. \u201cAlthough it feels like we have bottomed, and I expect this to start trending upward from here.\u201d<\/p>\n
Michael Page Hong Kong\u2019s managing director, Olga Yung, also said she\u2019s yet to see \u201ca significant increase\u201d in those looking for jobs in Web3 despite the government\u2019s recent push.<\/p>\n
However, Yung noted a \u201cslight uptick\u201d in Web3 firms seeking \u201clegal and compliance hires\u201d in mid to late Q2 2023.<\/p>\n
Talent war is coming<\/h3>\n
Looking ahead, Kevin Gibson, founder of Web3 recruitment firm Proof of Search, told Cointelegraph it could take six months for crypto talent to surge into the region as companies wait for license approvals.<\/p>\n
\u201cA lot of specialist talent has left Hong Kong in recent years,\u201d Gibson explained. He said the local talent pool is thin, and companies landing in Hong Kong \u201cwill find themselves in an extreme war for talent.\u201c<\/p>\n
Setting up in Hong Kong requires key roles to be full-time positions. Gibson thinks a \u201ctalent squeeze\u201d will continue through to 2024 as Web3 companies \u201cwill probably look to move headquarters to a pro-crypto jurisdiction if things go to plan.\u201d<\/p>\n
The latest data for the city\u2019s demographics show a negative population growth rate since 2020. Employment stats for Q1 2023 show the number of vacancies increased by nearly 38% compared to the same time last year.<\/p>\n