The Daily: Asian Crypto Jobs on the Rise, Colombia to Cut Taxes for Crypto Firms
The number of jobs and job seekers in the Asian crypto space is growing, according to leading recruiters in the region. Also in The Daily, Colombia may soon become a crypto-friendly nation, California and Russia want to use blockchain tech for insurance and pensions, and Malaysians remain bullish on cryptocurrencies, despite market trends this year.
Also read: Mycrypto Raises $4 million, Islamic Crypto Exchange Sets Foot in Malta
More Jobs and Job Seekers in the Asian Crypto Space
Jobs in the crypto and blockchain industry in Asia are enjoying increasing popularity among job-seekers from other, traditional sectors. Data from job search engine Indeed’s platforms in the region, including India, Singapore, Malaysia, and Australia, confirm the strong interest in roles in the space. Also, there’s been a 50 percent increase in the number of openings in the field since 2017, according to recruitment firm Robert Walters.
Many of the candidates, however, come from a different professional background, as the sector is still in its infancy. “We hardly ever hire from inside of crypto because most people are very inexperienced. You have very, very few experienced people who get into the crypto industry,” says Julian Hosp, co-founder of Singapore-based crypto wallet and card provider Tenx, quoted by CNBC. He also notes that the number of applicants depends on market trends.
“Not many people have the actual skill sets”, adds John Mullally, director of financial services at Robert Walters in Hong Kong. Professionals that are currently entering the sector come from a wide range of backgrounds, not only tech and financial. Many of them have prior experience in marketing, public relations and operations, the recruiting specialists point out. The findings come after earlier this week Hong Kong, a major Asian economic and financial hub, announced it’s updating its policies to facilitate the immigration of fintech professionals.
Colombia to Cut Taxes for Crypto Firms to Create Jobs
Colombia may become the next jurisdiction to create a favorable business climate for companies in the crypto and blockchain space. In an opening speech at an annual information and communication tech congress, the country’s new president, Ivan Duque, revealed his administration’s commitment to cutting down rent taxes for crypto startups for a period of up to five years. The main motivation behind the proposal is to stimulate the creation of new jobs in the industry.
According to a report by the Colombian newspaper El Tiempo, the president also declared his support for exploring the implementation of blockchain technologies in order to improve key sectors such as security, health and also curb corruption by tracking the use of public funds. “If we want to overcome corruption, technology can be instrumental. The government must start by setting an example. We take it seriously, we want a modern Colombia,” Duque stated.
The president’s remarks come just weeks after Ivan Duque took office as a head of state of the South American country. He is an acknowledged financial expert in Colombia, also known as a technology enthusiast. Representatives of the local crypto community have expressed optimism as Duque’s administration is replacing a government that was not really crypto friendly.
Blockchain Bill in California, Blockchain Pensions in Russia
The California legislature has passed a draft amending the state’s Insurance Code to lay down the basis for implementing blockchain technology, electronic signatures and smart contracts. The updated legal framework will allow the introduction of electronic records and signatures secured with blockchain. Assembly Bill 2658 also adds the term “smart contract” to the legal definition of contract which legalizes the use of blockchain-based electronic signatures in contractual relations. Lawmakers have also amended the Californian Civil Code to incorporate a legal definition of blockchain technology.
In another blockchain-related development, the Russian state pension fund has announced plans to implement the technology to monitor and track employment contract data. The management of the Pension Fund of the Russian Federation (PFR) hopes to minimize its expenses for maintaining large volumes of data. PFR is currently working on proposals to consolidate all its information systems into a single digital platform that will be based on the distributed ledger technology. Another idea under development is to introduce smart contracts and electronic signatures in labor relations.
Malaysians Still Interested in Buying Cryptocurrency
Despite the bearish trend in crypto markets this year, Malaysians seem to be more interested in acquiring cryptos, mainly for speculative purposes, than selling the digital coins. The prices of most cryptocurrencies have fallen significantly since last year’s all-time highs but demand for cryptocurrencies in the country remains strong and encouraging, according to Yusho Liu, co-founder of crypto exchange Coinhako.
“The buy side is still very robust. Generally, there have been more buyers than sellers over the years. The more people know about it, the more they will be interested in buying into the future,” he told the local outlet Sun Biz. The entrepreneur shared his observations that most clients of his platform buy and hold digital assets and the participation of mainstream traders has increased in the past six to nine months. “In the long run, we’re still bullish on cryptocurrencies,” Yusho Liu stated.
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