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Korean Officials Quit Jobs to Join Crypto Industry, Lawmaker Reveals – Bitcoin News

Public officers in South Korea are more and more selecting profession alternatives within the cryptocurrency sector. Some of them come from monetary authorities which raises moral questions, in accordance to the findings of a Korean lawmaker, quoted by native media.

Former Financial Officials Hired by Major Korean Exchanges

A rising variety of officers in Seoul are vacating their authorities posts and transferring to the crypto business, in accordance to Roh Woong-rae, member of the Korean parliament from the ruling Democratic Party. On Sunday, he known as for the introduction of stricter guidelines relating to their employment after leaving public service.

Quoted by the Korea Herald, the lawmaker revealed {that a} Grade 5 worker on the nation’s most important monetary regulator, the Financial Services Commission (FSC), has not too long ago stop his place to be a part of Bithumb, which is among the main digital asset exchanges in South Korea.

Roh admitted that rules now don’t prohibit such employment. At the identical time, he believes that it’s fairly inappropriate for a former FSC official to straight be a part of a crypto firm overseen by the regulatory company he has been working for.

Government officers in Korea are categorized in accordance to their seniority, with Grade 1 being the highest stage. Only Grade 4 and better officers on the FSC and the Financial Supervisory Service (FSS), one other main regulator, are at present required to bear employment screening earlier than getting a job at a non-public firm.

According to the Public Service Ethics Act, authorities workers above Grade 4 should not allowed to occupy a place within the personal sector, when it’s related to their former work, for 3 years after the date they go away the state physique. Korea’s antitrust watchdog, the Fair Trade Commission, screens the employment standing of all officers at Grade 7 stage and above, Noh added.

However, the lawmaker slammed the general public service ethics committee conducting the employment screening for not completely reviewing all instances. He offered an instance with a high-ranking FSS official who had been chargeable for the fintech area earlier than discovering a brand new job at Upbit, one other massive crypto trade in South Korea.

Rep. Roh Woong-rae identified that the ethics committee had not seen any points with the transfer. But in his view, it’s laborious to perceive the results of the screening because the official had been concerned with issues carefully associated to digital property.

Such instances should not restricted to monetary regulators, the parliamentarian remarked. He additional revealed {that a} police officer from the Seoul Metropolitan Police Agency, who led a workforce investigating crypto-related crimes, is now making ready to be a part of Upbit, too. “Recruiting former and current personnel from the FSC and the police, which are in charge of regulations, is very unethical, in that they are more likely to serve as a shield than experts,” Roh commented.

Tags on this story
Bithumb, Crypto, crypto corporations, crypto exchanges, crypto business, crypto sector, Cryptocurrencies, Cryptocurrency, Employees, Employment, ethics committee, Financial regulators, fintech sector, authorities workers, authorities officers, korea, korean, lawmaker, Official, personal sector, public jobs, public officers, Regulations, Regulators, screening, upbit

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