Report: 20% of South Korean Officials Hold Crypto, Seoul Councilor Leads with $1.16M

A recent asset disclosure from South Korea's Public Officials Virtual Assets Rank List reveals that 20.1% of high-ranking public officials own cryptocurrency, with a total reported value of $9.83 million.

Seoul City Council Member Kim Hye-young holds the largest reported cryptocurrency portfolio, declaring $1.16 million in digital assets.

The Rankings

The March 27th report, based on disclosures from 2,047 state officers, indicates that 411 reported owning virtual assets, averaging $23,000 per person. Kim Hye-young leads the list, declaring ownership of 16 different cryptocurrencies, including a portion of Bitcoin (BTC). Her disclosure also includes assets held by family members: her spouse's holdings of Ethereum (ETH), Dogecoin (DOGE), and XRP, and her eldest son's XRP holdings.

Seoul City Councilor Choi Min-gyu holds the second-largest portfolio, reporting $1.06 million in digital assets, primarily comprised of XRP, ART, and ADS. Kim Ki-hwan, CEO of Busan-Ulsan Expressway Co., Ltd., holds the third-largest portfolio at $940,000, including LUNC, HORUS, and BLACK.

Other top ten cryptocurrency holders among civil servants include Kim Dae-hwan (Secretary General of the Labor-Management Development Foundation, $1.369 million), Oh Moon-kyo (President of the Korean National Police University, $656,680), and Park Chun (President of Jeonju National University of Education, $461,250). Also included are Gyeonggi Provincial Assembly Members Choi Yong ($431,110) and Lee Oh-soo ($288,150), along with Ryu Hyeong-ju (Vice President of the Korea Water Resources Corporation, $324,530), and Park Yong-seon (Gyeongsangbuk-do Assemblyman, $270,350).

Crypto Disclosure Policy and Market Growth

Virtual assets became mandatory disclosures for public servants last year, with this being the second year of released data. Officials of Grade 4 or higher must declare the type and quantity of their virtual assets. Grade 1 workers and above must also provide details on acquisition methods and transaction history for the past year.

These measures, overseen by the Government Public Ethics Committee, were implemented in response to South Korea's growing cryptocurrency ownership. A November 2024 report indicated that over 15.5 million citizens (approximately 30% of the population) held digital assets, with investor numbers increasing by 610,000 between October and November 2024.