According to recruitment executives, despite the excitement surrounding crypto firms entering Hong Kong, there has been a lack of in-country hires in the industry.
On June 1, approximately 150 companies applied for a local crypto license to operate a trading platform, with some reportedly spending up to $25 million to obtain one.
Sue Wei, managing director of recruitment firm Hays, mentioned that while exchanges aim to establish a presence in Hong Kong, the industry’s recruitment needs are currently low.
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She expects an increase in job openings as Web3 companies continue to develop and expand.
However, there has been a decline in demand for technical talent since the crypto market dip, especially after numerous layoffs, which has made candidates hesitant to work for crypto companies due to the business’s instability tied to crypto prices.
Neil Dundon, founder of crypto recruiter Cryptorecruit, also noted a lack of significant activity in Hong Kong despite regulatory changes.
He believes that the venture activity is currently low but anticipates an upward trend in the future. Olga Yung, managing director of Michael Page Hong Kong, shared similar sentiments, stating that there hasn’t been a significant increase in job seekers interested in Web3 despite the government’s recent support.
However, Yung observed a slight increase in Web3 companies seeking legal and compliance hires in the second quarter of 2023.
Looking ahead, Kevin Gibson, founder of Web3 recruitment firm Proof of Search, expects a surge in crypto talent to take around six months as companies wait for license approvals.
He also mentioned that the local talent pool in Hong Kong is limited, and companies establishing themselves there may face intense competition for talent.
Gibson believes that the talent squeeze will persist until 2024, with Web3 companies potentially relocating their headquarters to pro-crypto jurisdictions if their plans align.
Hong Kong’s demographics data indicate a negative population growth rate since 2020.
Employment statistics for the first quarter of 2023 show a nearly 38% increase in job vacancies compared to the previous year.
One of the main challenges is attracting candidates interested in the crypto and Web3 sectors. Many candidates remain risk-averse due to the current market sentiment.
However, Neil Tan, chair of the FinTech Association of Hong Kong, noted that he has encountered several individuals who have recently transitioned from traditional finance to crypto.
Some are approached directly by crypto firms, while others search for roles through platforms like LinkedIn.
The instability and shedding of headcount in traditional finance have made the stability of crypto more appealing to some candidates.
