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

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

Lawmaker Wu Jiezhuang presented an ambitious Web3 vision, but one hindered by a shortage of skilled talent.

Hong Kong Legislative Council Member as well as Co-founder of G-Rocket, an incubator company, Wu Jiezhuang, stated the area encounters a Web3 talent shortage.In an interview with Chinese-language crypto publication Chain Catcher, Jiezhuang covered several factors, including developments at G-Rocket, the effect of the Virtual Assets Service Provider(VASP )licensing system in Hong Kong, as well as the government’s support for Web3.Commenting on the Hong Kong government’s previously challenging position versus the industry, Jiezhuang stated neighborhood plans were constantly fairly open, also before June 1, when the Securities and Futures Commission(SFC)openedapplications for crypto trading licenses. To disregard fears over getting a Web3 permit and also being sorry for the decision later, he clarified that the two tasks of giving crypto trading and also crypto possession monitoring do call for licensing. Yet all other Web3-related solutions do not. “In addition to these two locations, Hong Kong has actually not claimed that Web3 solutions must beclearly managed.”Furthermore, Jiezhuang said Web3 innovators ought to establish in Hong Kong since the” g overnment is reasonably steady and takes a long-lasting sight.”On top of that, business owners can acquire aid with financing, marketing, as well as copyright protection.The Web3 future When asked about the impact of VASP licensing, the G-Rocket Co-founder claimed exchanges would be”justifiably”under Know Your Customer( KYC )as well as Anti Money Laundering (AML)responsibilities. In turn, this will certainly open upseamless integration with the financial system.As such, all parties will certainly come under the framework of regulation as well as guideline, ensuring validity as well as economic protection. Jiezhuang added that he believes the entire industry desires this, particularly in Hong Kong, which is known as a worldwide financial center with an online reputation for strong investor protection.On the matter of unfriendly financial institutions and also records of crypto companies having problems opening bank accounts, Jiezhuang commented that he attended a conference between The Hong Kong Monetary Authority, The Securities Regulatory Commission, as well as over 20 neighborhood banks, which concluded that all companies, crypto-affiliated or otherwise, ought to be dealt with equally.Jiezhuang claimed the bottleneck would certainly not come from financial institutions. Instead, it will certainly be the outcome of ability deficiencies. He explained that people with”worldwide vision, experience with regulations and also policies, and also understanding of Web3 ″ are rare.If projections of incubating 1,000 Web3 firms by 2026 are met, there will certainly be an estimated deficit of in between 50,000

and 100,000 people.Posted In: Hong Kong, Adoption, Web3 Latest Web3 Stories Op-ed: Hollywood needs Web3, not the other way around Web3 Factor 5