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Wednesday, 24 January 2018

Crypto-Code Of Conduct For Government Officials In SK

The South Korean Prime Minister, Lee Nak-yeon has ordered a cryptocurrency code of conduct for Government officials to address the actions of government employees as regards Crytpocurrencies in the nation.

The announcement was made after the criticisms that came regarding the way the government was handling the cryptocurrency regulation.

The PM is furious because an “employee who worked in the virtual currency countermeasures department was found to have earned profits from virtual currency transactions,”
Citing the Financial Service Commission, Lee noted that the digital currency's legal nature had not yet been defined but South Koreans are angry.

Therefore, he “ordered the Human Resources Innovation and Citizens’ Rights Commission to prepare and implement the principles and standards that each institution should follow,” Sedaily explained. He was quoted as saying "Each agency should take necessary measures, such as supplementing the code of conduct for employees in charge of virtual currency issues."
But an FSC Official was quoted saying that it is “difficult to apply the Capital Market Law or the National Public Service Act” to the insider trading case since “virtual currencies are not financial products prescribed by law,”

The Prime Minister also stressed the need for better coordination using the recent confusion caused by the ministry of Justice as an example, where the ministry independently announced a bill to ban digital currency trading, sending panic across the globe. Whereas, the FSC said the bill was only the initiative of Ministry of Justice and was not discussed with the FSC.

Lee said that the government's position remained the same but that the views of some Ministries may differ.

READ ALSO: CHURCH ACCEPTS CRYPTO-DONATIONS

What do you think? Is South Korea against cryptocurrencies as a whole? Do you think it is appropriate for the Government to impose a code of Conduct on Government Officials?
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