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It may appear that crypto companies are preparing to enter Hong Kong without much enthusiasm, but according to recruitment officials, this has yet to translate into hiring in the country.
On June 1, around 150 companies were in line for a local crypto license, which allows the operation of local crypto trading platforms. Some people have reportedly even spent up to $25 million to catch one.
Speaking to Cointelegraph, Su Wei, managing director of leading recruiting firm Heze, said that although the exchange is trying to build a base in Hong Kong, the industry’s recruiting needs are “light so far.”
“Many Web3 companies are still in the early stages of development, but we expect vacancies to increase as they continue to grow and mature.”
In fact, Wei said that since the fall in the crypto market, his company has seen a “significant decrease in requests to recruit technical talent.”
This was especially the case when talent was “en masse laid off”, leaving some hesitant to work in a crypto company “due to the volatile nature of the business which primarily depends on crypto prices”. is,” she said.
Similarly, Neil Dundon, founder of crypto recruiter CryptoRecruit, said he hasn’t “really noticed a lot going on in Hong Kong”.
“Although regulations have changed, enterprise activity is still very low,” he said. “However it looks like we have bottomed out, and I expect it to start trending upwards from here.”
Olga Yeung, managing director of Michael Page Hong Kong, also said she has yet to see a “significant increase” in people looking for jobs in Web3, despite recent pressure from the government.
However, Yung sees a “slight increase” in Web3 firms seeking “legal and compliance appointments” from the middle to the end of the second quarter of 2023.
the talent war is coming
Looking ahead, Kevin Gibson, founder of Web3 recruitment firm Proof of Search, told Cointelegraph that it could take six months for crypto talent to move into the sector as companies wait for license approval.
Gibson pointed out, “A lot of specialist talent has left Hong Kong in recent years.” He said the local talent pool is thin, and Companies landing in Hong Kong “will find themselves in an extreme war for talent.”
Full-time positions are required for key roles to be established in Hong Kong. Gibson believes the “talent squeeze” will continue through 2024 as Web3 companies “will likely consider relocating headquarters to pro-crypto jurisdictions if things go according to plan.”
latest statistics The demography of the city shows a negative population growth rate as of 2020. employment statistics There is an increase of about 38% in the number of vacancies for Q1 2023 as compared to the same period last year.
Yeung said the main challenge is “attracting talent that is interested in these areas” as many candidates are risk averse given “the current market sentiment”.
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On the other hand, Neil Tan, president of the Fintech Association of Hong Kong, said he has met “a number of people who have recently switched from TradeFi to crypto.”
Tan said many people are contacted directly by crypto firms, while others use sites like LinkedIn to find roles.
“TradeFi keeps reducing workforce every year or two, so stability is not as attractive as it used to be,” Tan said.
“Many people are saying that there is so much positive news within the crypto and Web3 sector in Hong Kong that they are willing to take a chance.”
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