Wu Jiezhuang, a member of the Hong Kong Legislative Council and co-founder of G-Rocket, an incubator firm, recently addressed the shortage of Web3 talent in the region.
In an interview with the Chinese-language crypto newspaper Chain Catcher, Jiezhuang discussed various topics, including G-Rocket’s recent progress, the impact of Hong Kong’s Virtual Assets Service Provider (VASP) licensing scheme, and the government’s support for Web3.
Jiezhuang emphasized that local policies in Hong Kong had always been open, even before June 1, when the Securities and Futures Commission (SFC) began accepting applications for crypto trading licenses. This was a significant shift from the government’s strict stance on the sector.
He clarified that licensing is required for both crypto trading and crypto asset management to address concerns about regretting the choice after obtaining a Web3 license. However, he mentioned that none of the other Web3-related services require licensing.
Jiezhuang also recommended Hong Kong as an ideal location for Web3 innovators, citing the government’s stability and long-term perspective. He mentioned that entrepreneurs can receive support in marketing, fundraising, and intellectual property protection.
The Web3 Future
When asked about the effects of VASP licensing, Jiezhuang acknowledged that exchanges would be subject to Know Your Customer (KYC) and Anti-Money Laundering (AML) rules.
This integration with the financial system would ensure legality and economic security for all parties involved. He believed that the entire sector, especially in Hong Kong, desires this because the city holds a strong reputation for investor safety and is recognized as a financial hub.
Jiezhuang attended a meeting between The Hong Kong Monetary Authority, The Securities Regulatory Commission, and over 20 local banks. The conclusion was that all companies, irrespective of their connection to cryptocurrencies, should receive equal treatment.
He also mentioned reports of crypto firms facing difficulties in opening bank accounts. Predicting that banks would not be the bottleneck, Jiezhuang attributed the potential challenge to a lack of talent.
He explained that individuals with international vision, knowledge of laws and regulations, and understanding of Web3 are rare. If the projection of incubating 1,000 Web3 startups by 2026 holds true, there will likely be a shortage of 50,000–100,000 workers.
