Almost one in eight applications under Australia’s Global Talent Visa Program relate directly to the financial services and fintech sector, which offers roles in IT biochemistry, digital health, resource robotics and, most importantly for the local crypto industry, blockchain.
The program attracted 9,584 migrants in the 2020-2021 year as the government seeks those with clearly delineated skills to help the country rebound from Covid-19 and drive its economic recovery.
Of those 9,584 applications, 7,375 came from migrants already in Australia while 2,209 came from outside the country.
Delivering a full program meant drawing on the pool of onshore applicants due to global Covid-19 restrictions. This has been very successful given the difficult circumstances this year. We will continue to give priority to skilled visas that drive economic growth, job creation and investment in Australia.
Alex Hawke, Minister for Immigration, Citizenship, Migrant Services and Multicultural Affairs
To qualify for the program, candidates need to be highly skilled in one of 10 target sectors, including fintech. They must provide evidence they would be an asset to Australia, and have a recognised organisation or individual in the country nominate them as a global talent.
The largest source citizenship countries of migrants in 2020-2021 were China (22,207 places), India (21,791), and the UK (12,703). In the upcoming year, the migration program has a planning level of 160,000 places and applicants will be able to move within the skill stream to provide flexibility.
Momentum Continues Despite Recent Market Correction
Massive amounts of capital have been pouring into blockchain and cryptocurrency companies from venture capital and direct investment in recent months, and the momentum has continued despite the recent crypto market correction.
As the crypto industry continues to flourish, industry groups are stepping up efforts to support the ecosystem. Blockchain is one of the most in-demand skills, according to LinkedIn, but there is a gap between available jobs and qualified talent.
According to a recent report, blockchain technology has boomed in recent years and organisations need to expand their hiring policies to meet demand. As reported by Crypto News Australia in May, TAFE Queensland is leading the world in blockchain education with Australia’s first registered Diploma of Applied Blockchain.
Last month, NSW Senator Andrew Bragg pushed for the provision of industry incentives for new investors to create more job opportunities for Australians in the crypto sector.
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