Korean officials quit jobs to join crypto industry, lawmaker reveals – Bitcoin News

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South Korean officials are increasingly choosing career opportunities in the cryptocurrency industry. Some of them come from financial authorities which raises ethical questions, according to the conclusions of a Korean lawmaker, cited by local media.

Former financial officers hired by major Korean stock exchanges

A growing number of officials in Seoul are leaving their government posts and heading into the crypto industry, according to Roh Woong-rae, member of the Korean parliament from the ruling Democratic Party. On Sunday, he called for the introduction of stricter rules regarding their employment after leaving the public service.

Cited by the Korea Herald, the lawmaker revealed that a Grade 5 employee of the country’s main financial regulator, the Financial Services Commission (FSC), recently left his post to join Bithumb, who is one of the main exchanges. of digital assets in South Korea. .

Roh admitted that regulations no longer restrict such employment. At the same time, he believes it is highly inappropriate for a former FSC official to directly join a crypto company overseen by the regulatory agency he worked for.

Korean civil servants are classified according to their seniority, with grade 1 being the highest level. Only officials of grade 4 and above from the FSC and the Financial Supervisory Service (FSS), another major regulatory body, are currently required to undergo a job selection before obtaining employment with a private company.

According to the Civil Service Ethics Act, government employees above the 4th year are not allowed to take up a position in the private sector, when relevant to their former job, for three years after graduation. date on which they leave the public body. Korea’s antitrust watchdog, the Fair Trade Commission, reviews the employment status of all officials at level 7 and above, Noh added.

However, the lawmaker criticized the civil service ethics committee responsible for selecting jobs for failing to thoroughly examine all of the cases. He gave the example of a senior FSS official who was responsible for the fintech space before finding a new job at Upbit, another large crypto exchange in South Korea.

Representative Roh Woong-rae pointed out that the ethics committee saw no problem with the move. But in his opinion, it is difficult to understand the outcome of the selection, as the manager had been involved in issues closely related to digital assets.

Such cases are not limited to financial regulators, the parliamentarian noted. He further revealed that a police officer from the Seoul Metropolitan Police Agency, who led a team investigating crypto-related crimes, was also preparing to join Upbit. “Recruiting past and current FSC and police staff, who are in charge of regulation, is very unethical, as they are more likely to serve as shields than as experts,” commented Roh.

Keywords in this story Bithumb, Crypto, Crypto Companies, Crypto Exchanges, Crypto Industry, Crypto Sector, Cryptocurrencies, Cryptocurrency, Employees, Jobs, Ethics Committee, Financial Regulators, Fintech Sector, government employees, government officials, korea, korean, legislator, official, private sector, public jobs, public officials, regulations, regulators, filtering, upbit

Do you think the Korean authorities will tighten the rules for officials seeking employment at crypto companies? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’ quote: “Being a writer is what I am, rather than what I do. Besides crypto, blockchain, and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons

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