Korean officials cancel jobs to join the crypto industry, the legislator reveals -

civil servants in South Korea are increasingly opting for career opportunities in the cryptocurrency sector. Some of them come from tax authorities, which raises ethical questions, according to the findings of a Korean legislator who are cited by local media.

former finance officers who were hired by large Korean stock exchanges

According to Roh Woong-Rae, member of the Governing Democratic Party's Korean Parliament, more and more civil servants in Seoul clear their government posts and switch to the crypto industry. On Sunday he called for the introduction of strict rules for their employment after leaving the public service.

The legislator cited by the Korea Herald announced that an employee of the 5th fsc ) recently gave up to join Bithumb , one of the leading stock exchanges for digital assets in South Korea.

raw admitted that regulations do not restrict this employment. At the same time, he considers it to be quite inappropriate that a former FSC official join a crypto company that is supervised by the regulatory authority for which he has worked.

government officials in Korea are divided according to their office, with grade 1 the highest level. Only civil servants of grade 4 and higher of the FSC and the Financial Supervisory Service (FSS), another important supervisory authority, currently have to undergo an employment audit before finding a job in a private company.

According to the law on the ethics of the public service, state employees may not accept a position in the private sector via grade 4 if this is relevant for their previous activity, for three years after the date on which they leave the state. Korea's antitrust supervisory authority, the Fair Trade Commission, checks the employment status of all officials from level 7 and higher, added NOH.

The legislator, however, criticized the ethics committee for the public service, which carried out the employment screening because it had not thoroughly checked all cases. He delivered an example with a high-ranking FSS official who was responsible for the FinTech area before finding a new job at Upbit, another large crypto exchange in South Korea.

The MP Roh Woong-Rae pointed out that the ethics committee had not seen any problems with the move. In his opinion, however, the result of the review is difficult to understand because the official was dealt with with matters that were closely linked to digital assets.

Such cases are not limited to financial supervisory authorities, the parliamentarian noted. He also revealed that a police officer of the Seoul Metropolitan Police Agency, who led a team to investigate crypto -related crimes, is now also preparing for the accession to Upbit. "The recruitment of former and current employees of the FSC and the police who are responsible for the regulation is very unethical because they serve more as a protective shield than experts," commented Roh.

Do you believe that the Korean authorities will tighten the rules for civil servants who are looking for a job at crypto companies? Tell us in the comment area below.

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