Rush for Hong Kong’s crypto licenses yet to translate to jobs: Recruiters
Crypto firms may appear to have been prepping entry to Hong Kong with unabated excitement, but it’s yet to translate into in-country hires, according to recruitment executives.
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.
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’s recruitment needs “are light as of now.”
In fact, Wei said that since the dip in the crypto market, her firm has seen a “significant decrease in requests for recruiting technical talent.”
This was particularly the case when talent was “laid off en masse,” which made some hesitant toward working at a crypto company “due to the unstable nature of the business that mainly relies on the prices of crypto,” she said.
Similarly, crypto recruiter Cryptorecruit founder Neil Dundon said he hasn’t “really noticed much going on in Hong Kong.”
“Even though rules have changed, venture activity is extremely low right now,” he said. “Although it feels like we have bottomed, and I expect this to start trending upward from here.”
Michael Page Hong Kong’s managing director, Olga Yung, also said she’s yet to see “a significant increase” in those looking for jobs in Web3 despite the government’s recent push.
However, Yung noted a “slight uptick” in Web3 firms seeking “legal and compliance hires” in mid to late Q2 2023.
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
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