Circle Makes Inroads in Singapore with License Award

Politician Responds as Buterin Questions Hong Kong’s Crypto CredentialsIn a measured response on Friday, Johnny Ng, a member of Hong Kong’s Legislative Council, addressed the comments made by Ethereum co-founder Vitalik Buterin concerning Hong Kong’s future stance on cryptocurrencies.Photo by Florian Wehde on UnsplashInvitation extendedNg extended an invitation to Buterin to visit Hong Kong, allowing him to gain a more nuanced understanding of the region’s dynamics. Ng also expressed his intent to collaborate with relevant institutions and enterprises to provide Buterin with insights into Hong Kong’s current situation.Vitalik Buterin had voiced his concerns at the Web3 Transition Summit in Singapore on Thursday. Buterin stated:“If any crypto project wants to make Hong Kong their home, they would want to have some confidence — not just that it’s friendly now but that it will continue to be friendly years from now when all kinds of unknown, regulatory and political and other kinds of events are going to happen.”He acknowledged that he did not possess an in-depth understanding of Hong Kong’s intricacies, particularly in light of recent developments in its relationship with mainland China. Buterin emphasized the need for crypto projects to have confidence not only in Hong Kong’s current crypto-friendliness but also in its ability to maintain this stance amidst unforeseen regulatory, political, and other events.In response to Buterin’s remarks, Ng reassured him that Hong Kong’s crypto-related policies were not prone to sudden changes. He highlighted that these policies had been formulated with broad social consensus and underwent comprehensive procedural assessments. Ng asserted: “Therefore, I can tell Mr. Vitalik that Hong Kong’s policies are very stable.”He further elaborated on Hong Kong’s legislative process, emphasizing the stages of government policy drafting, public consultation, discussions within multiple committees of the Legislative Council, and the General Assembly’s review.Best-prepared crypto jurisdictionIn a separate development, Hong Kong has maintained its position as the best-prepared jurisdiction for widespread cryptocurrency adoption in 2023, according to a recently published study. The Chinese autonomous territory secured the top rank for the second consecutive year.This recognition is based on a crypto readiness score (CRS) that takes into account factors such as the presence of crypto ATMs, the regulatory environment, accessibility, and legality.In contrast, the United States slipped to third place, experiencing a 6.5% drop in its CRS score from the previous year. Switzerland emerged as the second-best-prepared jurisdiction, with its CRS score surging by over 9%.The Dutch demonstrated the highest per capita interest in crypto, while Hong Kong stood out for having the most crypto ATMs per square foot due to its smaller landmass. Within the United States, New York became the most crypto-ready state, boasting a CRS of 9.80, owing to a robust legislative environment and a thriving crypto and blockchain industry.Chainalysis crypto adoption reportMeanwhile, India emerged as the global leader in crypto adoption in 2023, according to a recently compiled Chainalysis report. The report also highlighted other lower middle-income nations, such as Nigeria and Thailand, ranking prominently in crypto adoption. India’s crypto market has surged to become the second-largest globally by raw estimated transaction volume.Johnny Ng’s response to Vitalik Buterin’s comments is indicative of the measured and informed approach of Hong Kong’s leadership regarding cryptocurrencies. With a stable and consensus-driven regulatory framework, Hong Kong remains a key player in the evolving landscape of digital currencies.

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.

Xangle and CertiK Team Up to Promote Mass Adoption of Web3CrossAngle, the operator of the virtual asset data analysis platform Xangle, announced on Wednesday that it has teamed up with CertiK, a global blockchain security ranking platform, to promote the mass adoption of Web3 technologies and contribute to the formation of a secure and transparent blockchain ecosystem.Photo by Shubham’s Web3 on UnsplashStrengthening security and data insightsCertiK is a security-focused ranking platform for analyzing and monitoring blockchain protocols and DeFi projects. Through this new partnership, Xangle will gain access to Skynet, CertiK’s Web3 security analysis platform that monitors and visualizes on-chain and off-chain data with cutting-edge technology, along with other API data. In turn, CertiK will receive access to Xangle’s cryptocurrency reference price API and on-chain data analyses.CertiK’s industry analysis reports will also be regularly featured on Xangle’s research platform. Xangle’s research reports are well-regarded throughout the industry and have been featured on local and international financial information platforms such as Bloomberg Terminal, CoinMarketCap, Yonhap Infomax, and FnGuide.Positive outlooks“We are delighted to partner with CertiK, a global leader in Web3 security. We are already anticipating great synergy with our strong capabilities in on-chain data analysis,” said Jake Lim, Chief Business Development Officer (CBDO) of Xangle. “We believe that this collaboration between our two companies will accelerate the mass adoption of Web3 technologies.”Jason Jiang, Chief Business Officer (CBO) of CertiK, added that the partnership is expected to not only enhance security and transparency in the blockchain ecosystem but also help set new industry standards.This partnership between CertiK and Xangle reflects the growing importance of security and data analysis in the rapidly evolving Web3 landscape, as both companies work together to drive its widespread adoption.