Crypto Companies Gear Up for Overseas Expansion

As the crypto market anticipates the next bull run, companies like Coinbase, BlockFi, and Robinhood are strategically adjusting their workforce, with a notable emphasis on compliance staff. While the last bull market prompted some companies to cut jobs for financial stability, the current push for overseas expansion is fueling the demand for skilled professionals in compliance roles.

Robinhood’s Strategic Moves: Robinhood Markets, despite experiencing challenges in the bear market of 2023 and cutting 150 staff, is now making strategic moves for international expansion. The company recently launched crypto trading in Europe, capitalizing on the region’s “comprehensive policies for crypto asset regulation.” With plans to expand into the UK in 2024, Robinhood recognizes the necessity of bolstering compliance efforts to align with the new Markets in Crypto-Assets legislation requirements in the European Union.

Compliance Staff in Demand: The increasing focus on compliance is evident in the job market, where crypto compliance staff earn an average annual salary of $103,000, with the top 10% earning around $170,000. Robinhood’s search for a Chief Information Security Officer (CISO) earlier this year indicated a salary range between $217,000 and $327,000. Coinbase is also actively seeking compliance-related roles, reflecting the growing need for skilled professionals in this domain.

Overseas Expansion Challenges: Expanding into Europe and the UK presents challenges for crypto companies, particularly in meeting regulatory requirements. The new Markets in Crypto-Assets legislation in the EU sets a compliance deadline for crypto businesses in the second half of 2024. In the UK, meeting the Financial Conduct Authority’s stringent criteria for authorized crypto promotions poses additional hurdles, potentially requiring companies to invest in highly skilled compliance staff or outsource to authorized entities.

Salaries Reflect Demand: Crypto developer salaries also reflect the industry’s growing demand for talent. The average crypto developer earns $146,250 annually, with more experienced developers commanding up to $185,250 per year. Salaries vary based on programming language expertise, with the demand for skilled developers prompting companies to explore talent hubs with favorable conditions, such as Portugal’s crypto-friendly environment.

As the crypto market enters a potentially lucrative phase, the strategic hiring of compliance staff underscores the industry’s commitment to navigating regulatory landscapes in international markets, ensuring sustainable growth and compliance with evolving legal frameworks.

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