Crypto jobs dropped by 84% in the U.S. and 92% in Germany, LinkedIn data show.
Crypto-related jobs plunged this year as a volatile market and regulatory uncertainty prompted businesses to slash their blockchain units while others shuttered.
Within web3 roles, Bitcoin-related jobs plummeted over 95%, while broader crypto-related positions are down 90%, according to LinkedIn data compiled by analytics firm Coincub. Blockchain jobs dropped by a more moderate 50%.
“The numbers are crushing down in a straight line,” Coincub’s CEO, Sergiu Hamza said in an interview, adding that these are consistent with a wide swathe of crypto-native companies reducing headcounts in recent months.
84% Drop in the U.S.
While the United States continues to be the biggest driver for web3 jobs, the number of roles listed dropped 84% to 3,418 from 21,901 in 2022.
Hamza said a widespread regulatory clampdown explains the “death” of web3 jobs in the U.S., forcing companies to require more operational capital and begin paying for banking services, or find greener pastures in places like the European Union–which has recently passed its landmark MiCA framework.
Portugal, Sweden and Romania follow the U.S. in the top 10 ranking of countries for crypto jobs.
Germany Loses Most Jobs
Germany was the largest loser, falling from 1st place to 9th globally, losing 92% of its Web3-related roles.
The country appears to be the most affected by the ongoing war in Ukraine, sanctions that have left it without much-needed Russian resources, and rising inflation rates. According to the report, its economy is set to grow 0.6% with inflation reaching 6.2%.
Portugal and Japan Gain
Conversely, Europe also showcases the biggest winner worldwide, with Portugal jumping 14 spots year-on-year, landing in second place for crypto roles, thanks to its advantageous tax policies and regulations. Favorable tax rules are set to change in 2024, though.
Japan had the most significant increase in blockchain jobs globally, adding 1,825 roles, while elsewhere in Asia crypto jobs fell, with a 61% drop in China, and an 87% decline in India.
Latin America and Africa also faced sharp declines, with Brazil and Nigeria experiencing over 70% decreases in blockchain-related jobs, Coincub said.
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