Australia wants to be a crypto hub but it needs more tech talent
With the right legislation and licensing regime, Australia’s current federal government believes the nation has the opportunity to become the next global crypto hub.
This is good news for the local sector which has since seen positive industry consultation on a new regime that plans to strike a balance between innovation and investor protections.
However, there is still one key issue that needs to be addressed if the country is to be a crypto leader – the current tech talent shortage.
Without the right skills, local crypto businesses can hardly scale or innovate, and if the recent Federal Budget is anything to go by, there appears to be little sign of government assistance in sight. Businesses are going to have to solve this problem on their own.
Fortunately there is a relatively simple solution, one which many Australian companies have already been using since the start of the pandemic – remote work. When the industry talks about skills shortages, what that often means is there’s not enough local talent readily available or willing to commute to X location. Hybrid or fully remote work models can address this issue.
For Kraken, remote work has been an integral part of the company’s culture ever since the company was founded in 2011. Kraken’s remote work model has allowed the company to hire the best talent regardless of location, and has brought together a highly diverse workforce. The team now sits at over 3,000 people spread across more than 75 countries.
This remote culture reflects the changing priorities of the global workforce. Studies have found working from home can boost productivity when employees are allowed to structure their own day.
It’s hard to be a productive nation in the long term when you’re hamstrung by a talent shortage that is largely caused by the cultural expectation that work is office-based.
That’s not to say a remote model is perfect. Those in the tech space pushing for workers to get back into the office may argue that working from home is only suitable for those with houses big enough to have dedicated work spaces, or that team collaboration and culture suffers.
But, this matter is far from black and white and could be something workers adapt to over time. To ameliorate this, Kraken offers employees a stipend that they can put towards their own home offices, and invests in team building opportunities such as hosting offsites when possible.
These are just a few ways to combat these potential issues. It will be different for every company depending on the scale, structure and type of work.
What’s worth highlighting is that remote working is a reflection of the realities of the digital asset space. Unlike the set trading hours in traditional markets, the cryptocurrency market is active 24 hours a day, 7 day a week, for participants spread all around the world. Remote companies can have team members who are online and active in all key timezones, providing global 24/7 coverage for their clients worldwide.
Being a part of a rapidly scaling company and industry on the cusp of going mainstream means growth opportunities abound. There is an abundance of opportunities for individuals wanting to be a part of this growing digital world, so let’s not limit roles to a location. Crypto is borderless and the workforces building it can be the same.
The diversity a global workforce can bring to a company, and this sector, might just be the key to truly making Australia the world’s next crypto hub.
This article was developed in collaboration with Kraken, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.