Korean officials quit jobs to join crypto industry

Mon 13 Dec 2021 ▪ 13h53 ▪ 3 min read — by Susan McCormack

Public officers in South Korea are quitting their jobs in favour of building a career in the crypto sector.

Shifting occupations

Roh Woong-rae, a Korean parliament member from the ruling Democratic Party, states that an increasing number of officials in Seoul are leaving their government posts to enter the crypto industry.

On Sunday, 12th December, the MP called for stricter rules of employment for former civil servants. The legislator mentioned the recent case when one of the employees of the country’s main financial regulator, the Financial Services Commission (FSC), had resigned from his position to join Bithumb, one of the leading crypto exchanges in South Korea.

Roh Woong-rae acknowledged that the current regulations don’t restrict such shifts. The MP believes it to be completely inappropriate for former FSC employees to join a crypto company that is supervised by the regulatory body in which they used to work, Bitcoin.com, reports.

The legislator has reproached the public Service ethics committee, which conducts an employment audit, for being negligent when studying the case and reacting improperly to the facts. He brought up another case with a high-ranking FSC employee who was responsible for the fintech space, and then found a new job at Upbit, another major crypto exchange in South Korea.

The ethics committee saw no issue with the move, but Roh insists on raising the question of how effective such audits are. For instance, in this particular case, the official used to deal with issues closely related to digital assets, but this fact didn’t ring a bell for the committee.

What’s ethical?

Such cases are not limited to former FSC employees, the parliamentarian noted.

To back up his words, he has drawn the following example: a police officer from the Seoul Metropolitan Police Department, who led a group investigating crypto-related crimes, is now preparing to join Upbit.

“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 explained.

It seems that when it comes to big money, the line between what’s considered ethical and vice versa gets blurred.

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Susan McCormack

How many crypto nerds does it take to fork an altcoin? I may be a failed comedian, but crypto is no joke! I want to share my knowledge and help others to see the bright future ahead. #buybitcoin

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