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As per a recent disclosure, a report by the Korean government’s Public Officials Ethics Committee shows that a significant number of public officials are embracing cryptocurrency.
On 27th March, the Korean government’s Public Officials Ethics Committee released the regular updates on public officials’ assets for 2025. According to the Korean Cultural Daily, 411 out of 2,047 public officials (about 20.1%) hold cryptocurrency, with a total value of 14.4 billion won (around $9.8 million). Notably, two out of 10 high-ranking public officials held virtual assets and the average holding per person was found to be 35.07 million won.
Seoul City Councilor Kim Hye-young Tops The List
Among them, Seoul City Councilor Kim Hye-young tops the list, with an impressive 1.7 billion won, which is about $1.27 million in Digital assets. Council Member Kim owns 16 types of cryptocurrencies, including 0.00144591 Bitcoin. Additionally, her spouse and eldest son also hold ETH, DOGE, and XRP. She reported holding 0.01226935 Ethereum, around 472 Dogecoins, and approximately 519,004 Ripples, along with about 3,336 Ripples owned by her eldest son.
Seoul City Councilor Choi Min-gyu stood second with a reported 1.62 billion KRW in virtual assets, including nearly 410,000 Ripples and thousands of Artidiums and Ads. Close behind is, Kim Ki-hwan, CEO of Busan-Ulsan Expressway, with 1.43 billion KRW in crypto, holding over 150,000 Luna Classics and a range of other altcoins.
Growing Trend of Government Officials Investing In Crypto
Besides, several high-ranking public officials including Kim Dae-hwan, Oh Moon-kyo, and Park Byeong-chun, have significant cryptocurrency holdings. These officials are part of the top 10, with assets ranging from KRW 270 million to over KRW 1.3 billion. The disclosure of their crypto assets follows new regulations requiring public officials to report their holdings.
This marks a growing trend of government figures investing in virtual currencies, highlighting a shift in how traditional officials are engaging with the evolving financial landscape.
The involvement of public officials in cryptocurrency has sparked both interest and debate. In South Korea, the government’s move to mandate the disclosure of public officials’ cryptocurrency holdings aims to enhance transparency and accountability.
Conflict of Interest
In the U.S., some officials, including President Trump, have shown interest in cryptocurrencies, with Trump proposing a Bitcoin reserve to boost financial innovation. However, this involvement has raised some concerns ove conflicts of interest.
Trump’s involvement in the crypto space has also drawn criticism, with his family’s ties to World Liberty Financial and the launch of a memecoin in January raising concerns about close connections between the administration and the crypto industry.