South Korean Regulators Deserting Jobs for Posts in Crypto, Fintech and Finance

Source: Adobe/DZiegler

The regulatory landscape continues to get rockier for crypto companies in South Korea, but an increasing number of regulators in the nation are quitting their jobs to take up roles with fintech, crypto platforms, statistics have revealed.

According to Maeil Kyungjae, landing a role at a regulator used to be seen as a plum role, with offices once called “the workplaces of the gods” in South Korea. But in recent times, many have been turning their backs on such posts, and are heeding the calls of headhunter agencies who have gone in search of their expertise.

The media outlet said that “this year alone,” at least 28 individuals have moved away from their jobs at bodies like the Financial Supervisory Service (FSS) this year.

Quoting data compiled by the National Assembly’s Political Affairs Committee, the newspaper reported that two of the highest-level (executive) workers have quit the FSS for other posts this year, along with three high-level managers, 11 mid-level managers, nine junior managers, and one junior employee.

The committee also revealed that one-third of the 84 people who had quit the service since February 2017 had been employed elsewhere immediately – effectively poached by the private sector.

And the fintech and crypto worlds are proving to be alluring employers for FSS staff: senior members of the service’s fintech department and financial education department have joined crypto operators and the fintech giant Kakao Pay this year.

A large number of other ex-FSS staff have also joined the conventional financial industry, joining firms operated by conglomerates like Samsung, Hyundai, and the banking behemoth Kookmin. The legal industry has also provided fertile hiring grounds for FSS workers.

MPs criticized an attempt by an FSS deputy bureau director to join the market-leading crypto exchange Upbit in May, stating that such moves risked “blunting the edge” of the regulatory sword, and warning that “strong connections” between crypto industry firms and regulatory agencies could cause damage to South Korean society.

The FSS is just one of the bodies tasked with policing the crypto and blockchain sectors, and has been involved in key policy-making decisions.

It is not just the FSS that has suffered staff losses of this kind, however. In April, a high-level prosecutor at the Ministry of Justice was thwarted in an attempt to join an unnamed crypto exchange – eventually ending up without a job.
____
Learn more:
Crypto Industry’s Lobbying Power Grows As Former Officials Change Sides 
Russian Blockchain Experts Are Offered Almost x5 the National Average Salary 
More Crypto Regulation May Be on its Way in South Korea, Japan

Note: This article have been indexed to our site. We do not claim ownership or copyright of any of the content above. To see the article at original source Click Here

Related Posts
En medio de la tensión con Ucrania, Biden aceptaría una reunión para dialogar con Putin thumbnail

En medio de la tensión con Ucrania, Biden aceptaría una reunión para dialogar con Putin

La secretaria de prensa de la Casa Blanca, Jen Psaki, informó que el presidente de los Estados Unidos, Joe Biden, "aceptó en principio" mantener una reunión con su homólogo ruso, Vladimir Putin. La confirmación de Psaki de una posible cumbre Biden-Putin se produjo después de un comunicado emitido desde el Palacio del Elíseo, en Francia, diciendo que ambos mandatarios "aceptaron en…
Read More
Celebrities push cryptocurrencies, but their fans carry all the risk thumbnail

Celebrities push cryptocurrencies, but their fans carry all the risk

Matt Damon walks through a white hallway talking about what makes someone brave. Mt. Everest climbers are brave. The Wright Brothers were brave. Astronauts are too. These adventurers and entrepreneurs are brave because they “embrace the moment and commit.”“Fortune,” the actor says with a nod, “favors the brave.”Damon is selling the services of Crypto.com, a…
Read More
Marco de Canaveses group buys Lisboa Oriente and FXP thumbnail

Marco de Canaveses group buys Lisboa Oriente and FXP

O grupo de retalho automóvel M.Coutinho, fundado em 1956 no Marco de Canaveses, onde mantém a sua sede, tem vindo a crescer de forma fulgurante nos últimos anos, quer por via orgânica quer por aquisição. Operando sobretudo nas zonas Norte e Centro, a MCoutinho representa atualmente 18 marcas, como a BMW, Mercedes -Benz, Ford, Toyota,…
Read More
Re:Construction Podcast thumbnail

Re:Construction Podcast

Bishop & Taylor discuss the vacant chair at the Construction Leadership Council, the Pallet Loop scheme and the lurking perils of expiring PFI contracts. 2nd March 2022: Episode 95: Listen online  www.theconstructionindex.co.uk/podcast Re:Construction Podcast: A fortnightly podcast in which veteran construction industry journalists Bishop and Taylor have a natter about some of the week’s events in the…
Read More
Mew Suppasit Breaks Barriers With His First Bestselling Hit Single On Several Billboard Charts thumbnail

Mew Suppasit Breaks Barriers With His First Bestselling Hit Single On Several Billboard Charts

Mew Suppasit during a press conference on "Soft Power" (Mewphorias [Creative Commons license]). Mewphorias [Creative Commons license] Typically, Billboard’s R&B and hip-hop charts are dominated by American rappers and musicians whose work typically falls under either of those labels. In fact, the rankings have been notoriously difficult for many acts from outside of North America…
Read More
Index Of News
Total
0
Share