Coinone reports decline in customer inquiries due to improved user convenience

Hong Kong Crypto Licensing Yet to Result in Job SurgeWhile Hong Kong has seen a rush for crypto licenses, scrambling for licensing has not yet resulted in a corresponding surge in job opportunities, according to recruiters in the industry.Approximately 150 companies applied for a local crypto license on June 1, allowing them to operate crypto trading platforms, but recruiters have not witnessed a high demand for talent in the field. That’s according to reports received by Cointelegraph from a number of recruiters active in the crypto space in the Chinese autonomous territory.Photo by Simon Zhu on UnsplashBear market hangoverSue Wei, the Managing Director of major recruitment firm Hays, revealed that her firm has experienced a significant decrease in requests for recruiting technical talent since the recent dip in the crypto market. This decline was particularly notable when many talents were laid off en masse, which led to hesitancy among individuals to work for crypto companies due to the volatile nature of the business, heavily reliant on cryptocurrency prices.Neil Dundon, the Founder of crypto recruiter Cryptorecruit, also noted a lack of significant activity in the Hong Kong market. Despite the regulatory changes, venture activity remains low. However, Dundon expressed optimism that the market has reached its bottom and expects an upward trend to emerge soon.Olga Yung, the Managing Director of Michael Page Hong Kong, echoed the sentiment, stating that there hasn’t been a substantial increase in individuals seeking jobs in the Web3 sector, despite the government’s recent efforts to promote it. However, Yung did mention a slight increase in Web3 firms seeking legal and compliance hires in the latter half of Q2 2023.At the time of publication, 85 crypto-related jobs were being advertised on LinkedIn. Meanwhile, Hong Kong’s Cyberport, the city’s flagship technology hub, has attracted more than 150 companies operating within the Web3 space over the course of the past 12 months. Authorities in Hong Kong are also trying to entice Web3 companies based in mainland China to establish bases within Hong Kong.Increased job openings anticipatedAlthough these firms have displayed enthusiasm in entering the Hong Kong market, the recruitment needs of the crypto industry remain relatively light at present, as many Web3 companies are still in their early stages of development. However, recruiters anticipate a rise in job openings as these companies continue to grow and mature.Kevin Gibson, Founder of Proof of Search, a Web3 recruitment specialist, said that it may take six months before current crypto licensing activity in Hong Kong translates into a surge in demand for staff. Gibson maintains that specialist talent in Hong Kong is in short supply due to many such professionals having left the city in recent years.While Hong Kong has witnessed a rush for crypto licenses, the recruitment landscape in the industry has yet to experience a corresponding surge. However, recruiters remain optimistic about future job opportunities as Web3 companies progress and regulatory conditions stabilize.With Singapore-based Matrixport and international banking firm Standard Chartered both predicting a Bitcoin unit price in the region of $120,000 by the end of 2024, the market is expected to trend upward in the coming months. That could potentially lead to increased hiring activity in the crypto sector.

Dubai Increases Monitoring of Crypto License HoldersDubai is scrutinizing crypto license holders and license seekers more closely as a direct consequence of the collapse of Bahamas-based cryptocurrency exchange FTX, last year.On Wednesday Bloomberg cited people familiar with the matter who told it that Dubai’s Virtual Assets Regulatory Authority (VARA) has recently requested more information on the ownership structure, governance, and auditing procedures of applicants like global crypto exchange, Binance.©Pexels/Aleksandar PasaricCloser scrutinyAll international companies seeking permits are being asked for similar information. This stricter approach is a potential problem for Binance CEO Changpeng Zhao (CZ), who lives in Dubai and has made it a central point of expansion in the Middle East. The Emirate is attempting to balance fostering innovation with proper oversight of an industry that has been the subject of high-profile scandals in the past year.According to Sam Blatteis, CEO of The MENA Catalysts, which provides government-relations advice to fintech multinationals expanding in the Persian Gulf, “VARA wants to turn Dubai into a capital for the digital-assets economy while safeguarding its business ties with Western jurisdictions like Europe that are adopting more muscular crypto regulations.”CFTC lawsuitIn March, the US Commodity Futures Trading Commission sued Binance and CZ for allegedly violating derivatives regulations, claiming the firm had inadequate compliance procedures. Binance expressed disappointment with the lawsuit.The company claimed at the time that it had provided all necessary information to VARA regarding its ownership structure and external auditor, as well as answering any other queries on a proactive basis. VARA officials are also seeking information on the ownership, auditing, and board procedures at the global group level of Binance.Steering clear of FATFDue to its size and complexity, addressing these queries is taking longer. Binance’s complicated corporate structure includes several holding companies, three of which are named in the CFTC lawsuit, and multiple local entities. In February, a senior executive said Binance was attempting to hire an auditor for its entire balance sheet.Dubai is trying to get off the “gray list” of global money laundering and terrorist financing watchdog the Financial Action Task Force (FATF). To that end, it has cracked down on unlicensed over-the-counter (OTC) crypto exchanges, according to anonymous sources. Dubai belongs within the United Arab Emirates (UAE), with the foreign ministry of the UAE declining to provide any comment on the matter to Bloomberg. Komainu, Hex Trust, GC Exchange and Crypto.com are the four companies, in addition to Binance, that are licensed in the UAE, with the former three having only Preparatory Minimum Viable Product (PMVP) permits.Hex Trust said that providing additional information on ownership, auditing and board procedures didn’t prolong the application process for its Operational MVP license. Laurent Girouille, the head of Komainu’s regional office in Dubai, said the regulatory requirements were stringent. Meanwhile, Binance is awaiting the launch of Binance FZE, which is audited by Mazars and has a board of directors, while it upgrades to an Operational MVP license before applying for a Full Market Product permit.

AIITONE Partners with UAE’s Royal Office to Boost Fintech Industry in AsiaAIITONE, an immersive tech company based in South Korea, has taken a significant step towards expanding its reach to the Middle East, according to Korean news outlet Newsis. The company recently signed a memorandum of understanding (MOU) with the Royal Private Office of H.H Sheikh Ahmed Bin Faisal Al Qassimi in the United Arab Emirates (UAE). The partnership between the two entities aims to bolster the fintech industry in South Korea, China, and Japan.Photo by Editz central Editors on PexelsUAE and East AsiaThe Royal Office, known for its diverse business ventures in the fields of real estate, global trading, consulting, and others, provides valuable guidance and strategies to enterprises in the UAE and the Gulf Cooperation Council. Lately, the Royal Office has been looking to expand its operations into East Asia, making this collaboration with AIITONE a strategic move.Security token and CBDCAs part of their joint efforts, the Royal Office plans to invest in promising Korean startups and facilitate the establishment of UAE banks’ Korean branches. Furthermore, the Royal Office intends to support Korean businesses in entering the Middle East market. Emphasizing their commitment to cutting-edge financial technologies, both parties will also work together on security token projects and central bank digital currencies (CBDCs), areas where Dubai is at the forefront of innovation.To facilitate the smooth implementation of these plans, Royal Office officials will visit AIITONE’s headquarters in Busan, Korea, next month. This visit will foster greater understanding and cooperation between the two organizations.An AIITONE representative expressed enthusiasm about the partnership, recognizing it as an opportunity to witness the Middle East’s growing interest in blockchain-based financial technology. Leveraging its expertise in Web3 technologies, such as extended reality (XR), artificial intelligence (AI), and blockchain, AIITONE strives to contribute to the development of both countries in the realms of digital economy and technology.