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Hong Kong’s Web3 industry is facing a shortage of 100,000 people

Wu Jizhuang, a member of the Hong Kong Legislative Council and co-founder of G-Rocket, an incubator firm, said the sector is facing a shortage of Web3 talent.

In an interview with a Chinese-language crypto publication chain catcher, Jiezhuang covered a range of points, including developments in G-Rocket, the impact of the Virtual Assets Service Provider (VASP) licensing system in Hong Kong, and government support for Web3.

Commenting on the Hong Kong government’s earlier tough stance against the industry, Jizhuang noted that local policies had always been relatively open, Even before June 1, when the Securities and Futures Commission (SFC) opened applications for crypto trading licenses,

To allay fears of applying for a Web3 license and regretting the decision later, he clarified that the two activities that require licensing are crypto trading and providing crypto asset management. But all other Web3-related services are not.

“Apart from these two areas, Hong Kong did not explicitly state that other Web3 services should be monitored.,

Ahead, jizhuang said that Web3 innovators should set up in Hong Kong because “gThe government is relatively stable and takes a long-term view.” In addition, entrepreneurs can access funding, marketing, and assistance with intellectual property protection.

web 3 future

When asked about the impact of VASP licensing, the G-Rocket co-founder said exchanges would be “due” under Know Your Customer (KYC) and Anti Money Laundering (AML) obligations. In turn, this would open up seamless integration with the banking system.

Thus, all parties will be covered under a framework of law and regulation, ensuring legal and financial security. jizhuang He said he believes the entire industry wants this, especially in Hong Kong, which is known as an international financial center with a reputation for strong investor protection.

On the issue of unfriendly banks and reports of difficulties in opening bank accounts to crypto firms, Jiezhuang remarked that he sat in on a meeting between The Hong Kong Monetary Authority, the Securities Regulatory Commission, and more than 20 local banks, who concluded that all businesses, crypto-affiliated or not, should be treated equally.

Jizhuang said the bottleneck would not come from the banks. Instead, it would be the result of a lack of talent. He explained that peopleinternational vision, familiarity with laws and regulations, and understanding of Web3″ Rare.

If projections to incubate 1,000 Web3 companies by 2026 are met, there will be an estimated loss of between 50,000 and 100,000 people.

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