Financial authorities are cracking down on employees’ cryptocurrency investments. The Financial Services Commission is monitoring the investment status of employees in cryptocurrency and related departments, and is planning to ask all employees to refrain from trading. The Financial Supervisory Service also announced notes to employees regarding cryptocurrency transactions.
According to the financial authorities on the 26th, the Financial Services Commission will check the investment status of employees in departments related to cryptocurrency such as the Financial Innovation Planning Team and FIU (Financial Information Analysis Institute) until the 7th of next month.
Employees of the financial authorities are strongly regulated through the Capital Market Act for stock investment, but are not subject to any other restrictions on cryptocurrency.
However, Article 12-2 of the’Code of Conduct for Public Officials’, a bylaw 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 jobs.
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 predicts that there will be no other employees investing in this Japanese inspection as there have been no problems even when the investment status of employees in the cryptocurrency-related departments was checked earlier. As Chairman Eun Seong-su, chairman of the Financial Services Commission, on the 22nd, defined cryptocurrency as an “unrecognizable virtual asset” and referred to investment as a “wrong way” on the 22nd of the National Assembly’s Political Affairs Committee, it seems that a Japanese inspection was conducted in order to thoroughly enforce internal control .
The Financial Services Commission will notify employees of departments not related to cryptocurrency to refrain from trading.
On the 22nd, the Financial Supervisory Service also announced’Notes on Cryptocurrency Transactions’ to all executives and employees under the name of the inspection office.
The Financial Supervisory Service said, “You must not use the undisclosed information learned about cryptocurrency during the performance of your job to help with related transactions or investments, or by providing information to others.” If you have a code, you must report it to the person in charge of the code of conduct.”
“Even executives and employees who are not performing their job duties may violate the Foreign Exchange Transaction Act and the Act on Reporting and Use of Specific Financial Transaction Information, etc. due to cryptocurrency transactions, so please pay special attention to cryptocurrency transactions.”
