South Korea’s regulator left the job for crypto job

A South Korean regulator official left his job to get a job in the crypto industry. 

In the present time, the crypto industry is exploding at a very high rate because people are looking toward a new way to make money and also unemployment is a big factor that is pushing people to get into such kinds of things. But this is a very effective way to make money from the big startups and companies. Most of the crypto companies are hiring either tech experts or any government official, to establish better connections with the industry & government regulatory body. 

In the latest, the news is coming from South Korea, where Seo, deputy director at Financial Services Commission (FSC), planned to leave his position in the financial industry department this month.

Reportedly, Seo will get a job at crypto exchange Bithumb. According to experts, the government will see the resignation letter of Seo to follow all the rules to accept the request. 

Last year, a similar case was seen where the Financial Supervisory Service’ deputy director-general left his job to work in the Upbit crypto exchange. 

FSC is responsible to handle all the regulations and policies that work on the entire financial sector of South Korea. And also it started to work on the crypto exchange regulation in 2020. 

 Bithumb was established in 2014 and now it is the second biggest crypto exchange of South Korea by trading volume. 

Bithumb is one of the four crypto exchanges of South Korea, which has a full license to facilitate crypto-fiat trading for Korean citizens without any restrictions. 

South Korea’s strict regulation on the crypto industry 

In this year, the crypto community of South Korea saw a very big change in the regulation system. In particular, regulators imposed restrictions on the crypto exchanges to restrict illicit activities. 

Under new rules, almost more than half of the crypto exchanges suspended offering crypto services. And around 28 crypto exchanges are allowed to give crypto services and 4 out of 28 crypto exchanges have rights to give fiat-crypto trading services. 

Read also: The U.K plans to exclude crypto investors from its compensation program