The South Korea regulator official left his job in order to find an entry-level job in the crypto sector.
Today the cryptocurrency industry is growing at an extremely fast rate as people are seeking a different way to earn money, and unemployment is a major factor that is causing people to enter into these types of activities. It is however a profitable way to make money from big companies and corporations. The majority of crypto firms are hiring experts in the field of technology or any official from the government, to build stronger relationships with the industry and regulators of the government.
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 the experts, the government will review the resignation letter from Seo to ensure that he follows all guidelines to approve the resignation.
In the past, a similar incident was witnessed in which it was reported that the Financial Supervisory Service’ deputy director-general quit his post to join the Upbit cryptocurrency exchange.
FSC is responsible for implementing all regulations and policies which affect the entire financial sector in South Korea. Also, it began to work on crypto exchange regulation in the year 2020.
Bithumb was founded in 2014 and is the second-largest cryptocurrency exchange in South Korea by trading volume.
Bithumb is one of four cryptocurrency exchanges in South Korea, which has the full authority to permit the trading of crypto-fiat for Korean citizens with no limitations.
South Korea’s strict laws regarding the crypto sector
In the year 2018, the crypto-community of South Korea saw a very major change in its regulation system. Particularly, regulators put limitations on crypto exchanges in order to stop the use of illicit methods.
In the new regulations, 50% of cryptocurrency exchanges have stopped offering services in crypto. There are around 28 crypto exchanges that are permitted to offer crypto services, and 4 out of the 28 crypto exchanges are able to provide fiat-crypto trading.