As a result of the Financial Services Commission’s “one-time check” on the current status of cryptocurrency investments by internal employees, it was found that no employee reported that they owned or were trading cryptocurrencies. However, unlike the expression of’Japanese check’, the Financial Services Commission conducted inspection only in the form of’voluntary report’ for employees in departments in charge of cryptocurrency, and this result was obtained.
According to the Financial Services Commission on the 7th, the number of reported cases recorded zero in the’inspection of virtual asset holdings and transactions of employees of the Financial Services Commission’ held up to this day.
As the Financial Services Commissioner Eun Seong-soo, chairman of the Financial Services Commission of the National Assembly, on the 22nd of last month defined cryptocurrency as an “unrecognizable virtual asset,” and referred to investment as “the wrong way,” the employee’s cryptocurrency The investment was inspected in Japan. Employees of cryptocurrency-related departments such as the Financial Innovation Planning Team and FIU (Financial Information Analysis Institute) were subject to inspection.
Financial committee employees are strongly regulated through the Capital Market Act for stock investment, etc., but cryptocurrency is not in the institutional sphere, so its investment behavior is in the blind spot of regulation. Therefore, the investigation by the Financial Services Commission was conducted only in the form of’voluntary report’.
An official from the Financial Services Commission said, “There have been no reports of’investing in cryptocurrency’ until this day.” He said, “If there is an employee investing in cryptocurrency, we will be contacted, but there was no report.”
Considering that there is no report, the Financial Services Commission judges that there is no investment from employees in the departments related to cryptocurrency policy. The Financial Services Commission has predicted that there will be no employees investing in cryptocurrency even before the Japanese inspection begins.
However, it is questionable whether it is possible to be sure that there is no investment from employees in the cryptocurrency-related department, since this Japanese inspection was carried out in a voluntary reporting method.
Although it is said that the cryptocurrency investment activities of FSC employees are also in the blind spot of regulation, the FSC’s’bylaws’ are strictly limited.
In fact, Article 12-2 of the Code of Conduct for Public Officials of the Financial Services Commission restricts transactions or investments related to cryptocurrency using information learned during job performance.
Targets include duties related to the creation and progress of policies or laws related to cryptocurrency, duties related to investigation, investigation, inspection, etc. related to cryptocurrency, duties related to reporting and management of cryptocurrency exchanges, support and management of cryptocurrency related technology development, etc. Related duties, etc.
If a public official who performs any of these duties has cryptocurrency, it must be reported to the chairman of the Financial Services Commission, and the chairman must take measures such as job exclusion if it is judged that it may impede fair performance of his or her duties.
The Financial Services Commission also announced last month to refrain from investing even to employees who are not related to cryptocurrency policies. The Financial Services Commission urged them to refrain from holding and trading virtual assets because employees in departments that are not related to cryptocurrency may also move personnel from time to time.
