According to the Korea Herald report, an increasing number of public officials are leaving to join the cryptocurrency industry almost without restriction, Rep. Roh Woong-rae of the ruling Democratic Party said Saturday, urging tighter rules on their post-public service employment. South Korea has been among the top few countries that have regulated cryptocurrencies right from the start and continue to focus on them.
A Grade 5 official at the Financial Service Commission moved to Bithumb.
According to data compiled by the lawmaker, a Grade 5 official at the Financial Service Commission, the nation’s top financial regulator, recently quit to move to Bithumb, one of the largest cryptocurrency exchanges here. Although the official faces no restrictions for employment under the current regulations, the lawmaker suggested that an FSC official directly heading to the company is highly inappropriate considering the agency is in charge of regulating cryptocurrency exchanges. Now more and more officials are joining the industry, causing concern among public officials.
High-ranking public officials are joining the crypto industry.
For officials at the FSC and another top regulator, Financial Supervisory Services, only Grade 4 or higher officials must undergo employment screening before joining private companies. Officials are graded according to seniority, with Grade 1 the highest. Under the Public Service Ethics Act, government officials above Grade 4 cannot get a job that is relevant to their work for three years from the day they leave. The lawmaker also stressed the Fair Trade Commission, the nation’s antitrust watchdog, carries out employment screening for all officials at Grade 7 or above, saying those at the top two financial regulators have an easier way out to work at private companies.