Despite the excitement surrounding the entry of crypto firms into Hong Kong, recruitment executives have reported a lack of in-country hires. Around 150 companies applied for a local crypto license on June 1, with some reportedly spending up to $25 million to obtain one. While exchanges are looking to establish a base in Hong Kong, recruitment needs are currently light due to many Web3 companies still being in the early stages of development. However, a talent war is expected to occur in the future as companies wait for license approvals and seek to attract candidates with an interest in the sector.