FSS Korea has moved into crypto, fintech and finance

Although regulators are making it harder for crypto companies in South Korea (FSS Korea), more and more regulators in the country are giving up their jobs to take on roles at crypto exchanges. Fintech platform, cryptocurrency.

And according to statistics, one of the leading agencies – FSS Korea Financial Services and Supervision – has entered the crypto and financial sector

FSS Korea has entered the crypto as well as fintech and finance space

According to Maeil Kyungjae, it used to be difficult to get a job in a management agency. The offices in Korea used to be called “God’s Workplaces”. But recently, many have turned away from these positions to answer the call of headhunters who have sought their expertise.

The media reports that this year alone at least 28 people have given up their jobs at agencies such as the Financial Supervisory Service (FSS) to take on new roles in the crypto areas of electronics, fintech and finance.

Citing data compiled by the National Assembly’s Political Affairs Committee, the newspaper said that two of the highest-ranking (management) employees had quit their jobs at the FSS this year to take up other posts. nine junior executives and one junior employee.

The commission also revealed that a third of the 84 people who quit since February 2017 were immediately employed elsewhere and effectively hunted down by the private sector with generous compensation.

And the world of fintech and crypto is proving to be very attractive for employers for FSS employees.

A prime example of this is that this year senior members of the fintech division and the financial education division of the service joined the crypto miners and fintech giant Kakao Pay.

In addition, many other former FSS employees have moved into the conventional finance industry, joining companies from corporations like Samsung, Hyundai and banking giant Kookmin. The legal profession has also created fertile grounds for recruiting for FSS officers.

Korea criticized FSS Korea’s entry into the crypto space

MPs criticized the FSS bureau’s assistant director’s attempt to join the market-leading cryptocurrency exchange, Upbit, in May, claiming that such moves could damage the edge of the bar and could harm Korean society.

The FSS is just one of the bodies charged with regulating the crypto and blockchain sector and has been involved in major policy decisions.

But not only the FSS has lost such employees. In April, a senior Justice Department attorney was thwarted in his attempt to get into a nameless cryptocurrency exchange – ultimately without a job.

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