TL; DR Breakdown
- Ex-public holders in South Korea are taking up jobs in the crypto sector
- Lawmaker wants regulation against the moves to the private sector
- South Korea witnessed an exodus of workers from the public sector
In the last few years, cryptocurrencies have become a very popular go-to option for traders in the market. This is because of the amount of profit the asset class can generate over a short time. This is also one of the reasons why participants and non-participants in the financial market are now entering the market. In recent news regarding this, a lawmaker in South Korea has revealed that public office holders are dumping their jobs to take up a job in the country’s crypto sector.
Lawmaker Roh wants regulation against moves to the private sector
According to several reports in Seoul, staff contracted to the government are handing in their resignation letters. The lawmaker has revealed that a better percentage of those are moving on to the crypto sector to take up one job or another. With this, a member of the parliament, Roh Woong-Rae, has urged the government for stricter rules regarding the employment of officials leaving their jobs in the public sector.
According to the lawmaker, one noticeable switch was one employee at the country’s Financial Services Commission, who handed his resignation in only to join Bithump in the days that followed. Roh stated that there was no basis for restricting such employment. He also mentioned that it was not ethical for a former employee of the financial regulator to switch sides and join a company under its jurisdiction.
South Korea witnesses massive move from the public sector
South Korea classifies public offices according to grades, with the top echelons holding the Grade 1 position. Presently, South Korea mandates any grade public office holders to undergo interviews before they can take up jobs in the country’s private sector. Going by records, Grade 4 employees are supposed to stay three years before working in the private sector.
The lawmaker also called out the regulators in charge of screening former workers, the Fair Trade Commission, for not doing thorough research before allowing workers to take up jobs in the private sector. In another example, he made mention of a recent employee of Upbit crypto exchange who used to work with FSS, a regulatory body in the country.
Although the ethics commission had cleared the public worker, Roh feels the officials had worked directly in enforcing regulatory framework on the private company he now works for. Roh mentioned that the move to the private sector is happening across all arms of the government. Another example he gave was a former police officer in charge of arresting crypto criminals who have now taken up an appointment with Upbit.