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Despite the euphoria surrounding the debut of crypto enterprises in Hong Kong, no local employees have been hired as of yet, said recruitment executives.
Roughly 150 businesses submitted an application on June 1 for a regional crypto license that enables them to run a cryptocurrency trading platform in the area. Even up to $25 million has reportedly been spent by some businesses to buy one. Although exchanges have been attempting to build a presence in Hong Kong, Sue Wei, the managing director of significant recruitment agency Hays, claims that the industry’s staffing needs are currently “light.” But she believes that as more and more Web3 businesses develop and thrive, there will be more job openings.
Following the drop in the cryptocurrency market, Wei observed a decline in inquiries for technical talent recruitment. Due to the volatility of crypto enterprises, which is driven by crypto values, many people are hesitant to join them. Although Neil Dundon, the company’s founder, saw little activity in Hong Kong, he thinks the market has bottomed out and will now begin an upward trend. Olga Yung, managing director of Michael Page Hong Kong, hasn’t noticed a noticeable increase in job seekers for Web3 positions despite the government’s efforts. But in the latter half of the second quarter of 2023, there was a minor rise in Web3 enterprises’ hiring for legal and compliance positions.
According to Kevin Gibson, the CEO of Web3 recruitment company Proof of Search, the region’s flood of crypto talent will be delayed by six months due to licensing clearances. He emphasized the lack of local talent in Hong Kong due to the recent departure of many experts. As a result, businesses expanding to Hong Kong will face fierce competition for talent. These businesses must provide full-time positions if they want to land crucial employees. If everything goes as planned, Web3 companies will probably move their headquarters to crypto-friendly nations, according to Gibson.
Since 2020, Hong Kong’s population growth has been declining, which has made it difficult to attract top talent. However, according to the first quarter of 2023 employment figures, there were almost 38% more openings than in the prior year. Getting people interested in these industries to apply is the major difficulty, according to Yung, as many are risk-averse because of the state of the market. Neil Tan, the head of the FinTech Association of Hong Kong, on the other hand, noticed a pattern of people switching from TradFi to crypto. Tan noted LinkedIn and direct approaches from cryptocurrency companies as sources for job searches. He emphasized that the reduction in TradFi’s personnel lessens the company’s perceived stability in comparison to the past.
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