Stay Away from Cryptocurrencies, South Korean Regulators Intimate Their Staff
South Korea is currently at the top when it comes to adopting cryptocurrencies and blockchains. The country has made a lot of progress in properly adopting cryptocurrency and blockchain technology. According to recent surveys, almost every age group and class is investing in cryptocurrencies.
The government of South Korea has even started providing funds to startup businesses eager to adopt crypto-blockchain technology. The South Korean government is doing this to ensure that the people of South Korea have jobs in the crypto-blockchain sector.
The country is using cryptocurrency and blockchain technology to boost its economy. So far, the country is headed in the right direction in terms of adoption and advancements in the crypto-blockchain sector.
However, the regulatory authorities of the country are also well aware of the fact how risky the industry can prove to be. This is the reason why it has started implementing necessary regulatory restrictions and requirements on crypto-firms operating in the country.
The South Korean regulatory authorities aim to ensure there is full transparency and visibility for the South Koreans in terms of cryptocurrency activities.
Therefore, the South Korean regulatory authorities have recently issued a warning for the staff makers working for the authorities. The warning issued by the regulatory authority has reportedly asked civil servants to stop holding cryptocurrencies.
According to the new order, the civil servants are not to have any cryptocurrencies held under their names. The banning of cryptocurrencies has been put in place for the financial regulatory bodies, directly dealing with the crypto-sector.
The local media channels in South Korea have shared reports where they have shown regulatory bodies investing in cryptocurrencies. The media channels have also shared names of a couple of top financial regulatory authorities involved in crypto investments.
The names of the first regulator are Financial Supervisory Services (FSS) and the second one is the Financial Services Commission (FSC). The media sources have confirmed that employees from these regulatory authorities are investing in cryptocurrencies.
In the light of the above, the regulatory authority executives have started taking action against such investors. The regulatory authorities have stated that by doing this, the people in the authorities may end up having a conflict of interest.
Concerned of the above, the FSS and FSC have requested all their staff members to report to the physical office. They must also reveal the cryptocurrency holdings, whether they are in Bitcoin (BTC) or other cryptocurrencies.
The regulatory firms have intimated their employees to fully comply with this and submit the required information by May 7, 2021. The authorities have also issued strict rules mentioning that the regulatory authorities are not allowed to visit the site.