A South Korean politician has waded into the debate about the unnamed senior financial regulator who wants to quit his job to join Upbit, the domestic market-leading crypto exchange. In contrast, no such issues appear to have got in the way of crypto firms in the United States.
The regulator, a Deputy Director at the Financial Supervisory Service (FSS), has already tendered their resignation at the regulatory body. But, as previously reported, FSS protocols dictate that the regulator’s ethics committee is allowed to have a say on future employment opportunities for its former employees – in cases where there may be a conflict of interests.
In a blog post, Jeon Young-gi, an MP for the ruling Democratic Party and a member of the National Assembly’s transport committee, wrote that he was “opposed” to the move, claiming that it was evidence that “high-ranking officials” are “discarding the ethics of public office” for “the sake of greater personal profit.”
The ethics committee will also have independent input from other government bodies.
Jeon urged the body to rule the move “inappropriate,” appealing for “common-sense standards” to be upheld.
He added that the move risked “blunting the edge” of the regulatory sword, warning that “strong connections” between financial institutions and crypto exchanges and regulatory agencies would ultimately damage the fabric of South Korean society. The MP opined: