Hong Kong, known as an international financial center with a reputation for strong investor protection, is facing a shortage of talent in the Web3 industry. Wu Jiezhuang, a Legislative Council Member and Co-founder of G-Rocket, an incubator firm, stated in an interview with Chain Catcher that if projections of incubating 1,000 Web3 companies by 2026 are met, there will be an estimated deficit of between 50,000 and 100,000 people.
Jiezhuang covered several points in the interview, including developments at G-Rocket, the impact of the Virtual Assets Service Provider (VASP) licensing system in Hong Kong, and the government’s support for Web3. He mentioned that local policies were always relatively open, even before June 1st, when the Securities and Futures Commission (SFC) opened up applications for crypto trading licenses.
He clarified that Web3-related services, excluding providing crypto trading and crypto asset management, do not require licensing. Moreover, Jiezhuang stated that Web3 innovators should set up in Hong Kong because the “government is relatively stable and takes a long-term view,” and entrepreneurs can obtain help with funding, marketing, and intellectual property protection.
When asked about the impact of VASP licensing, Jiezhuang said exchanges would be “justifiably” under Know Your Customer (KYC) and Anti Money Laundering (AML) obligations. In turn, this will open up seamless integration with the banking system. As such, all parties will come under the framework of law and regulation, ensuring legality and financial protection.
On the matter of unfriendly banks and reports of crypto firms having difficulties opening bank accounts, Jiezhuang commented that he sat in on a meeting between The Hong Kong Monetary Authority, The Securities Regulatory Commission, and over 20 local banks, which concluded that all businesses, crypto-affiliated or not, should be treated equally.
Jiezhuang said the bottleneck in the Web3 industry will not come from banks. Instead, it will be the result of talent shortfalls. He explained that people with “international vision, familiarity with laws and regulations, and understanding of Web3” are rare. The deficit in the industry is estimated between 50,000 and 100,000 people.
In conclusion, Hong Kong’s Web3 industry is set to grow, and developers with expertise in Web3 technology are urgently required to meet the industry’s demand. The government is supportive of Web3-related services, and entrepreneurs setting up in Hong Kong can expect funding, marketing, and intellectual property protection.
