Eun Sung-soo, the Chairman of the Korean Financial Services Commission, has ordered FSC officials who hold crypto to file reports on their investments by May 7.
It has been reported that the FSC employees subject to reporting are those who manage virtual currency tech developments, those responsible for drafting and applying digital currency laws, and those who report on and manage crypto exchanges.
However, an article from the Korea Times notes the comparative lack of regulation surrounding FSC officials’ investments in crypto when compared with traditional financial products. While FSC employees are expected to notify Chairman Sung-soo if they have speculated on crypto and are prohibited from making investments using information they have gained ahead of the public through their privileged position, Korea Times reporter Lee Kyung-min noted soft penalties for policy violations.
“These measures are not binding, and penalties for violating them are not strong.”
The report said that Sung-soo has recently drawn anger from South Korea’s crypto community after urging adults not to set a negative example for younger generations through risky speculation.
“Adults are responsible for leading young people who are going the wrong way. It’s too risky to trade them considering their high volatility in prices.”
Likewise, public backlash has seen nearly 130,000 residents sign an online petition calling for Sung-soo to resign over the comments, with the petition reading:
“It is beyond condescending and hypocritical for Eun to lecture today’s hard-working young people who are finding it unimaginably hard to own a home, much less have financial assets of any sort. Eun saw his real estate value increase over the past few years. He has no standing to lecture us about what is right and wrong.”