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Public officials in South Korea are increasingly choosing career opportunities in the cryptocurrency field. Some of them came back from currency authorities that raised moral questions, which is consistent with the findings of South Korean lawmakers cited by local media.

Former currency officer hired by major Korean exchanges

Along with Roh Woong-rae, a member of the ruling Democratic Party of Korea, more and more officials in the South Korean capital are resigning from government positions and turning to cryptocurrency trading. On Sunday, he requested that stricter employment regulations be introduced when leaving the public service.

The Korean Herald quoted lawmakers as saying that a fifth-year employee of the country’s major currency regulator, the Currency Services Committee (FSC), recently resigned and joined Bithumb, one of Korea’s leading digital quality exchanges. .

Roh acknowledged that the current law does not restrict such employment. At the same time, he believes that it is very inappropriate for the former FSC official to directly become part of the encryption company overseen by the administrative agency he has been operating.

Korean government officials are graded according to their seniority, with the first level being the highest level. There are only FSC level four and better officials, so the Money Superior Service (FSS), another major regulatory agency, currently requires employment screening before individual companies are employed.

According to the General Public Service Ethics Act, government employees above the fourth grade are not allowed to occupy a place in the personal department. Once they are related to their previous work, within 3 years until the day they leave the state agency. Noh added that the Honest Trade Commission, South Korea’s impartial regulator, will review the use of all officials at level 7 and above.

However, lawmakers slammed the Public Service Commission for use screening because it did not fully review all cases. He cited an example. A senior FSS official had been in charge of a fintech company until he found a replacement job for Upbit, which is another large cryptocurrency exchange in Asian countries.

Representative Roh Woong-rae discovered that the committee did not find any problems with this move. However, in his reading, he knew that the results of the screening were exhausting because the official was already involved in matters closely related to digital assets.

The congressman said that such cases are not limited to currency regulators. He found that a police officer of the Capital Police Agency, his light-emitting diode, a team investigating encryption-related crimes, is currently preparing to post Upbit. “It is very unethical to recruit former and current personnel from the FSC, and therefore recruit former and current personnel from the police, which is entirely attributable to the law. In this regard, they are more protective than consultants,” Roh commented road.