In recent times, Hong Kong’s crypto licensing regime has been a topic of buzz in the crypto industry, however, this excitement hasn’t translated into a surge of job opportunities as expected. Even with around 150 companies striving to secure a local crypto license, the job market appears to be quiet. Sue Wei, managing director of Hays, noted that the demand for recruitment within crypto firms is currently at a low level, despite their interest in making an imprint in Hong Kong.
The rampant instability and the volatile nature of the crypto industry can directly impact recruitment requests. Concerns around job security can sway potential candidates from considering a career in crypto. It is not surprising then that the dip in the crypto market has lead to a significant decline in the recruitment of technical talent by crypto companies. This nervousness toward crypto jobs extends to Hong Kong, noted Neil Dundon, founder of crypto recruitment firm Cryptorecruit, pointing out that the city-state’s regulations changes have not brought about the expected uptick in job activity.
Despite the present prevalent disinterest in crypto employment opportunities, optimists see a different future. Founder of web3 recruitment firm Proof of Search, Kevin Gibson, expresses anticipation for a rise in crypto employment once companies secure their licensing. However, a thin amount of local talent may lead to heightened competition, potentially prompting companies to consider shifting their base to regions with more pro-crypto legislation.
There’s also a shift to be seen in the tech job seekers’ arena. The emergence of artificial intelligence and successive launches of epoch-making AI such as OpenAI’s ChatGPT, Google Bard, and Microsoft’s contribution to OpenAIhave witnessed greater search interest in ‘AI jobs,’ elevated above ‘crypto jobs’ by four times. This possibly points to a wider trend.
The allure around crypto jobs, which had seen a surge in 2021, seems to be ebbing, corresponding presumably to the dampened market sentiment. This downward trend, however, comes with a silver lining – levels of interest in crypto jobs still surpass the pre-2020-2021 bull market figures, suggesting some resilience in the crypto job market, despite facing headwinds. It thus warrants careful observation moving forward; both for those within the job market and for companies seeking talent.
Source: Cryptonews
