How to Legally Make Money?

Written by: Liu Honglin, Mankun Law Firm

I often have friends ask me why I am so confident that Web3.0 will happen in China.

My answer has many angles. In addition to Lawyer Honglin's long-term observation of technological change and a patriotic heart, there is a more critical reason: China has a large number of excellent internet talents, especially those experienced product managers, user growth experts, and technical developers from major internet companies.

If we say that Chinese workers are second in the world in these fields, I doubt anyone would dare to claim they are first. Everything depends on human effort; without daring entrepreneurs and tireless workers, it is difficult to develop and grow an innovative business and industry.

A few days ago, at a business communication meeting of Mankun Law Firm, I heard the head of the marketing department share a data report on Web3 job seekers, which covered the backgrounds of the consultants, the types of questions they asked, and the target hiring institutions.

Although I often communicate with entrepreneurs and practitioners in the industry, I feel that these objective data provide a more comprehensive understanding of the current legal risks in the Web3 industry, as well as the main confusions and concerns faced by job seekers in Web3 employment.

The purpose of this article is also to share this data with everyone, hoping to help more job seekers find their desired jobs in the Web3 field while reducing legal risks and making money legally.

Types of Hiring Institutions: The Rise of Decentralized Enterprises

From the consultation cases received by Mankun Law Firm, the types of target employers for job seekers show a diversified development. In addition to decentralized finance platforms (DeFi) and public chain projects, many well-known centralized trading platforms also attract a large number of job seekers. Additionally, some job seekers are engaged in companies related to Web3 wallets, on-chain data analysis, etc., often working remotely for overseas Web3 projects. This diversity in hiring institutions complicates issues such as labor contracts and salary payments, with cross-border legal risks being particularly prominent.

According to our research data, the growth rate of consultations related to decentralized finance platforms is the highest among all types of institutions. After all, companies closely related to capital flow tend to attract job seekers more easily. At the same time, centralized trading platforms also offer a large number of positions, but these companies are often located in regions with relatively loose legal regulations, so job seekers are more concerned about the legality of labor contracts and the compliance of virtual currency payment methods.

Job Seekers' Background: Transition from Web2 to Web3

From the consultation cases, it can be seen that over 70% of job seekers come from traditional Web2 fields, including internet technology, product design, business development (BD), and finance. This phenomenon indicates that the appeal of Web3 is not limited to technical experts; it also attracts many practitioners from traditional internet and finance industries who are actively transitioning into the Web3 field.

According to our data research, about 65% of Web2 practitioners express a strong interest in the Web3 field, especially because the salary levels in Web3 are generally higher than those in traditional Web2 industries, averaging about 20% more. However, these transitioning job seekers often lack a deep understanding of the legal framework of Web3, especially in emerging areas such as smart contracts and token economic models, where they still have many questions and uncertainties.

Popular Positions and Legal Risks

The consultation cases show that the positions job seekers are applying for mainly focus on business development (BD), programmers, product managers, data analysts, and UI designers. These positions may seem similar to those in the Web2 industry, but the legal issues involved in the Web3 environment are more complex.

For example, the core responsibility of a programmer is to develop and maintain smart contracts. However, if a smart contract has vulnerabilities or errors, it can lead to significant financial losses and even legal disputes. According to industry data, in 2023, global financial losses due to smart contract vulnerabilities reached $3 billion, forcing programmers to face enormous legal responsibilities and compliance pressures. Additionally, BD personnel need to address the risks of illegal fundraising when promoting projects and token financing, ensuring that business processes are legal and compliant. Product managers and UI designers must ensure that the product's privacy policies comply with global data regulations to avoid infringing on user privacy.

Core Issues of Concern for Job Seekers: Policies and Compliance

Through the analysis of consultation data, we found that the legal confusions of job seekers mainly focus on the following aspects:

• Changes in domestic regulatory policies. As global regulation of Web3 gradually strengthens, many job seekers worry whether their work will touch upon domestic or international regulatory red lines. Particularly in China, the legal regulations regarding virtual currencies and token issuance are quite strict, and many job seekers have raised questions about the company's business compliance before starting work.
• Labor contracts and remote work. Remote work has become the norm in the Web3 industry, but it also brings many legal issues related to cross-border labor contracts. Job seekers generally focus on the validity of labor contracts, especially when the contracts involve virtual currency payments. According to Mankun Law's data research, the proportion of remote work in the global Web3 industry is as high as 60%, which means more job seekers face legal disputes and rights protection issues related to cross-border labor contracts.
• Legality of token payments. An increasing number of Web3 companies are paying employee salaries in tokens, but this payment method may lead to uncertainties due to token volatility and tax compliance issues. Job seekers often worry whether their salaries paid in virtual currency comply with local tax laws and how to ensure their salaries are not affected by token market fluctuations.
• Criminal risks. Due to the high correlation of the Web3 industry with finance, especially the anonymity of virtual currency transactions increasing the risks of money laundering, fraud, and other illegal activities, many job seekers are concerned about whether they will face criminal liability while engaging in related work. According to Mankun Law's statistics, in 2023, the number of criminal cases related to virtual currencies globally increased by 15% year-on-year, which has heightened job seekers' vigilance regarding legal risks.

Industry Outlook

The rapid expansion of the Web3 industry provides job seekers with broad employment opportunities, but at the same time, job seekers need to face potential legal risks. Whether it is token payments, remote labor contracts, or criminal risks, job seekers should carefully assess the legal challenges they face. For companies, providing clear legal protections and compliance frameworks is also crucial, as this is key to attracting and retaining talent.

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