Hong Kong’s Crypto License Demands Haven’t Increased Jobs

In Hong Kong’s busy crypto space, something unusual is happening. Many crypto firms are competing to establish their services in the city. However, crypto-related jobs have not increased as expected. This situation has actually been observed by some of the biggest recruitment firms in Hong Kong.

On June 1, around 150 firms rushed to get local crypto licenses, enabling them to operate in the city. However, some companies reportedly paid $25 million to obtain a permit.

Managing director of recruitment firm Hays, Sue Wei, said cryptocurrency exchanges are interested in establishing themselves in the city. But there is currently not much demand for jobs in the sector.

Wei stated:

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.

Moreover, Wei mentioned that her firm had noticed a decrease in requests to hire technical experts since the crypto crash.

Obstacles Of Crypto Recruitment In Hong Kong

Wei said crypto businesses are volatile as they are highly dependent on cryptocurrency prices. Many people are reluctant to work for crypto companies due to layoffs during the downturn in the industry. 

The founder of Cryptorecruit, Neil Dundon, agrees with this observation. Dundon says he hasn’t seen much progress in crypto jobs in Hong Kong.

Authorities have modified the regulations for the industry. But despite the improved framework, venture activity is currently very low. We have reached the lowest point, Dundon said. He expects things will start improving from now on.

Founder of Web3 recruitment firm Proof of Search, Kevin Gibson, said companies are waiting for permission to operate. However, it could take about six months for more cryptocurrency experts to arrive in the region.

Many skilled persons have left the country in recent years, Gibson said. However, cryptocurrency companies in Hong Kong may face stiff competition to hire talented people. This “talent squeeze” may persist until 2024. To ensure a successful regional establishment, businesses need to hire key roles full-time, he said.

According to the study, people are more interested in finding “AI jobs” than “crypto jobs.” This increase emerged after the launch of OpenAI’s ChatGPT and other AI technologies, such as Google Bard and Microsoft’s investment in OpenAI.