• Hong Kong Legislative Council Member, Wu Jiezhuang, discussed the shortage of talent in the region’s Web3 industry.
• He clarified that only two activities in the Web3 industry require licensing – crypto trading and asset management.
• The government has not made clear guidelines for other services in the Web3 space, and encouraged innovators to seize opportunities.
Web3 Talent Shortage In Hong Kong
Hong Kong Legislative Council Member and Co-founder of G-Rocket, an incubator firm, Wu Jiezhuang recently spoke about a potential talent shortage in the Web3 industry. He said that while the Virtual Assets Service Provider (VASP) licensing system may be daunting to applicants, it is important to note that only two activities within this scope require licensing: crypto trading and asset management. Other services related to Web3 are open for innovators without further regulation from the government.
G-Rocket Projects & Developments
Jiezhuang also discussed developments at G-Rocket – an incubator firm he co-founded with former Chief Executive Officer of ChainX Exchange Zhao Dong. According to him, they have been working towards building a blockchain ecosystem with many initiatives such as launching a blockchain accelerator program “ChainX Labs” which focuses on supporting projects from all stages of development.
Government Support For Web 3 Industry
Jiezhuang also mentioned that due to Hong Kong’s relatively open attitude towards this sector before June 1 when SFC opened up applications for crypto trading licenses; there is no need for people to worry about applying for a license and regretting it later on if there were any changes in regulations or policies. He added that the government has not put forth any clear guidelines or regulations concerning other services related to this field yet.
Encouraging Innovators To Seize Opportunities
The lawmaker concluded his interview by encouraging innovators and entrepreneurs in this industry to seize opportunities instead of worrying too much about potential regulatory issues or future policy changes since these areas are still largely undefined as far as legislation goes. He believes that those who make bold moves now will benefit greatly from their decisions later on down the road once everything comes into clearer focus.
To sum up, Wu Jiezhuang’s remarks show us that while there is indeed a potential shortage of skilled workers in Hong Kong’s Web 3 industry at present; this should not discourage innovators from taking risks and testing out new ideas since these areas are still largely undefined as far as legislation goes – giving these forward thinkers greater freedom than they would have under more restrictive laws or regulations elsewhere.