The landscape of crypto-related jobs has seen a significant downturn this year, driven by market volatility and regulatory uncertainties. The effects have been pronounced across various sectors, leading to severe reductions in employment within the blockchain space.
LinkedIn data, compiled by Coincub, paints a stark picture: Bitcoin-related jobs have nosedived by over 95%, while broader crypto-related positions have taken a significant hit, witnessing a staggering 90% drop. Although less affected, blockchain jobs have also faced a considerable decline, recording a moderate 50% decrease.
The data records 467 web3 jobs in Singapore. (Screenshot from Coincub)
Sergiu Hamza, CEO of Coincub, highlighted the severity of this decline, describing the numbers as plummeting "in a straight line." According to Hamza, this trend reflects a broad downsizing of human resources across multiple crypto-native companies in recent months.
The United States, historically a prominent hub for web3 jobs, witnessed an alarming 84% reduction, with job listings dropping from 21,901 to 3,418 in 2023. Hamza attributed this decline to stringent regulatory measures, which have compelled companies to seek increased operational capital and engage in banking services, prompting some to explore more conducive environments such as the European Union.
Notably, Germany suffered a substantial blow, plummeting from the top spot to ninth globally, experiencing a drastic 92% decline in its web3-related roles. Factors such as geopolitical tensions, including the conflict in Ukraine and sanctions affecting resource supplies, have significantly impacted the country's economy, with projected meagre growth and soaring inflation rates.
In contrast, Portugal emerged as a surprising success story, climbing 14 positions in the global ranking for crypto roles. Its advantageous tax policies and regulations have positioned it as an attractive destination, although impending changes in tax rules may alter this landscape by 2024.
Japan stands out with a notable increase in blockchain jobs, adding 1,825 roles. Meanwhile, other parts of Asia saw declines, with China experiencing a 61% drop and India an 87% decline in crypto-related employment.
Latin America and Africa also faced substantial declines, exemplified by Brazil and Nigeria witnessing over 70% decreases in blockchain-related jobs, as reported by Coincub. The global downturn has highlighted varied regional challenges, reflecting the intricate interplay of geopolitical, regulatory, and economic factors impacting the crypto job market.
The downturn in crypto-related job markets globally underscores the sector's vulnerability to regulatory shifts and geopolitical tensions. While certain regions like Portugal and Japan have displayed resilience, the broader trend signals a challenging landscape for blockchain and web3 employment. This downturn presents an opportunity for recalibration, urging the industry to adapt and innovate amidst uncertainty and evolving regulatory frameworks.
Metaplanet, a Japanese firm known for its aggressive Bitcoin accumulation strategy, has announced plans to raise approximately $880 million through an overseas share issuance.
XingChiThe UAE has built a Bitcoin reserve of around 6,300 BTC, worth up to $740 million, mainly through state-backed mining. This makes it one of the largest national holders, ranking just ahead of El Salvador.
AnaisA Philippine lawmaker has proposed that the central bank buy 2,000 bitcoins each year for five years, creating a national reserve of 10,000 coins. The plan aims to strengthen the country’s finances and provide a long-term store of value alongside traditional reserves like gold and foreign currency.
WeatherlyJapan plans to tax crypto profits at a flat 20% instead of rates as high as 55%. The regulator also aims to allow crypto ETFs and approve the country’s first yen-backed stablecoin.
AnaisArthur Hayes, the BitMEX co-founder pardoned by Donald Trump, has invested in a stem cell firm with clinics in Mexico and Bangkok. He is also backing crypto treasury firms while warning that the market may already be overheating.
WeatherlyA Pennsylvania lawmaker has put forward a bill to stop politicians and their families from owning or trading crypto while in office. The plan follows claims that Donald Trump has used his role to profit from tokens like his own memecoin.
WeatherlyBitcoin has retraced below $117,000 after reaching an all-time high last week, signaling a pause in upward momentum and growing caution among investors.
XingChiDutch cryptocurrency company Amdax is preparing to launch one of Europe’s most ambitious Bitcoin strategies yet: creating a dedicated Bitcoin treasury firm, seeking a listing on Amsterdam’s Euronext, and ultimately aiming to acquire 1% of the total Bitcoin supply.
XingChiThe SEC has delayed decisions on several crypto ETFs, including Bitcoin, Ethereum, Solana, XRP, Litecoin, and Dogecoin, pushing most deadlines into October. Regulators are working on new listing standards that could allow faster approvals of altcoin ETFs once rules are finalised.
WeatherlyTaiwan’s WiseLink led a $10 million funding round for Nasdaq-listed Top Win International, helping the company buy Bitcoin and expand into digital assets. The deal makes WiseLink the first public Taiwanese firm to back a Bitcoin treasury strategy and aims to combine crypto holdings with cross-border business operations.
Weatherlywhile challenges persist, the crypto and web3 sectors remain resilient. The upcoming bull run is seen as a catalyst for substantial job market growth, offering opportunities for both newcomers and seasoned professionals.
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