India Leads The Crypto Employer List in Asia; China, and Singapore Follow
The crypto market in Asia is flourishing, with 35% of the global crypto workforce belonging to this region. India and China, the most populous nations of the world, lead the crypto employer list, while Singapore follows closely. Of the total of 65,900 employed people in the global crypto industry, 29,400 pertains to these three areas.
These three nations are followed by Hong Kong, South Korea, and Indonesia, which stand at 5-10% each. The bottom of this ladder is occupied by UAE, Australia, Turkey, and Thailand, as the remaining countries account for 21% of the crypto employment.
The top crypto-employing organizations include Binance, OKX, and Crypto.com. Their collective global workforce contains 8,300 Asian employees.
India’s Stance Over Crypto and Web3 Industries
Although the regulatory landscape in India is uncertain, the Indian economy is leaving an indelible imprint on the crypto industry. The nation sees a rise in demand for blockchain developers, which satisfies their positional advantage of bearing a pool of talented developers. The future, too, seems optimistic according to stalwarts from space.
The K33 report elaborated on this trend, asserting,
“The Indian presence is large in most of the major crypto companies globally.”
The Web3 industry is also maturing alongside the crypto industry. The National Association of Software and Service Companies (NASSCOM) released a survey in Q4 2022, stating that this sector offered employment opportunities to almost 11% of the global Web3 talent.
The Web3 industry-leading board has India in third place. The workforce expansion is anticipated to rise by over 120% in 2023.
China Softens The Anti-Crypto Stance
Although China became the flag-bearer of anti-crypto nations in the world in 2021 after a nationwide crackdown on these assets, its blow has softened these days. Recently, Beijing supported Hong Kong’s stance of becoming a crypto hub.
Further, officials from China’s Liaison Office are frequently assembling in crypto gatherings and having friendly encounters. They are also asking for developments and reports in the industry with follow-up calls about the situation.
Singapore Inviting Crypto Communities
Singapore has been extending invites and licenses to several prominent crypto companies, including Ripple and Crypto.com. The Monetary Authority of Singapore (MAS) allows these companies to offer their services in the area.
The well-regulated and efficiently governed system has attracted the top companies to set up hubs in the country. Further, ranking top in the digital infrastructure and World’s Ease of Doing Business index adds to the laurels for the crypto community to rise in the nation.
The K33 report finishes with the statement saying, “Under the hood, Asia flourishes with uniqueness, with several countries seeing substantial employment within national exchanges and three distinct highly influential hubs facilitating infrastructure for the global crypto market.”
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