Hong Kong’s Web3 industry faces 100,000 person shortfall

Upland: Berlin is here!

Wu Jiezhuang, a member of the Hong Kong Legislative Assembly and co-founder of incubator firm G-Rocket, said the region faces a talent shortage for Web3.

In an interview with the Chinese crypto publication chain catcher, Jiezhuang explained some points, including development at G-Rocket, the impact of Hong Kong’s Virtual Asset Service Provider (VASP) licensing system, and government Web3 support.

Commenting on the Hong Kong government’s previous hardline stance on the industry, Jiezhuang said local policies have always been relatively open. Even before June 1, when the Securities and Futures Commission (SFC) began applying for cryptocurrency trading licenses..

To allay concerns about applying for a Web3 license and later regretting the decision, he clarified that licenses are required for two activities: trading cryptocurrencies and providing crypto asset management. bottom. However, all his other Web3 related services are not.

“In addition to these two areas, Hong Kong has not explicitly said that other Web3 services should be overseen.

moreover, caregiver He said Web3’s innovators should be based in Hong Kong.The government situation is relatively stable and has a long-term view. In addition, entrepreneurs can get help with fundraising, marketing and intellectual property protection.

The future of Web3

When asked about the impact of the VASP license, the G-Rocket co-founder said the exchange would “rightfully” comply with know your customer (KYC) and anti-money laundering (AML) obligations. This allows for seamless integration with banking systems.

As such, all parties are subject to legal and regulatory frameworks to ensure legality and financial protection. caregiver He added that the industry as a whole wants this, especially in Hong Kong, known as an international financial center and known for strong investor protection.

Regarding the issue of unfriendly banks and reports of cryptocurrency companies having difficulty opening bank accounts, Zizhuang commented that he had attended meetings between the two countries. The Hong Kong Monetary Authority, the Securities Regulatory Commission and more than 20 local banks have concluded that all businesses should be treated equally, whether they are related to cryptocurrencies or not.

Jiezhuang said the bottleneck is not in the bank. Rather, it would be the result of a shortage of manpower. He explained:An international perspective, familiarity with laws and regulations, and an understanding of Web3 are required. rare.

If the projection to grow 1,000 Web3 companies by 2026 is met, it is estimated that there will be a talent shortage of 50,000 to 100,000 people.

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