Wu Jiezhuang, member of the Hong Kong Legislative Council and co-founder of G-Rocket, an incubator firm, said the region is facing a shortage of Web3 talent.
In an interview with the Chinese-language crypto publication Chain catcher, Jiezhuang covered several points, including developments at G-Rocket, the impact of Hong Kong’s Virtual Assets Service Provider (VASP) licensing system, and government support for Web3.
In response to the Hong Kong government’s rather tough stance on the industry, Jiezhuang said that local policy has always been relatively open, even before June 1, when the Securities and Futures Commission (SFC) opened applications for crypto trading licenses.
To allay the fear of applying for a Web3 license and later regretting the decision, he clarified that the two activities of offering crypto trading and crypto asset management require licensing. But not all other Web3 related services.
“In addition to these two areas, Hong Kong has not said that other Web3 services should be clearly supervised.“
Further, Jizhuang said Web3 innovators should base themselves in Hong Kong because the “gthe government is relatively stable and looks at the long term.” In addition, entrepreneurs can get help with financing, marketing and protecting intellectual property.
The future of Web3
When asked about the impact of VASP licensing, the G-Rocket co-founder said exchanges would be “justifiably” under Know Your Customer (KYC) and Anti Money Laundering (AML) obligations. This in turn will ensure seamless integration with the banking system.
As such, all parties are subject to the framework of laws and regulations, ensuring legality and financial protection. Jizhuang added that he believes the whole industry wants this, particularly in Hong Kong, which is known as an international financial center with a reputation for strong investor protection.
On the issue of unfriendly banks and reports of crypto companies having problems opening bank accounts, Jiezhuang noted that he attended a meeting between The Hong Kong Monetary Authority, the Securities Regulatory Commission and more than 20 local banks concluded that all companies, whether affiliated with cryptocurrencies or not, should be treated equally.
Jiezhuang said the bottleneck would not come from the banks. Instead, it will be the result of talent shortages. He explained that people with “international vision, familiarity with laws and regulations and understanding of Web3″ rare.
If projections of incubating 1,000 Web3 companies by 2026 are met, there will be an estimated shortfall of between 50,000 and 100,000 people.
