BENGALURU: Job postings for crypto-related positions decreased by 64.20%, and searches for such jobs dropped by 15.20% between August 2022 and 2023, reveals Indeed data. This decline reflects the evolving dynamics within the industry this year, indicating a period of adjustment and potential market consolidation, the job site said in its report.
Sashi Kumar, head of sales, at Indeed India, said, “This decline comes after a period of high growth in crypto in the past three years. Data from 2022 indicated an 804% increase between April 2020 to April 2022. The dip observed in the past year can be largely attributed to volatile market conditions and heightened regulatory and safety concerns.”
Also, the report said there has been a wide distribution of crypto job opportunities across various regions reflecting a decentralised approach and offering employment opportunities across the country. Bengaluru takes the lead, contributing with 36.40% of the crypto job market. Pune, Mumbai, Gurugram, Hyderabad, and Kochi make up 7.32%, 6.68%, 6.54%, 6.21%, and 4.66%, respectively, Indeed said.
When it comes to job roles, application developers top the list as they account for 10.86% of the job listings. While enterprise architects stood at 5.97%, the list includes Full Stack Developers, Developers, and Data Engineers at 5.38%, 3.78%, and 2.92%, respectively.
At the recently concluded G20 summit in New Delhi, the G20 leaders adopted a joint declaration. A Synthesis Paper was released by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) that discussed various challenges associated with crypto. According to the report, blanket bans that make all crypto-asset activities illegal can be costly and technically demanding to enforce. The report also said that a decision to ban is not an “easy option”.
The paper said that developing effective frameworks and policies is the best way to limit substitution into
crypto-assets.