Seoul City Councilor's 1.765 Billion Won Crypto Holdings Reflect XRP's Popularity in South Korea

South Korea’s Ethics Commission for Government Officials has recently disclosed the cryptocurrency holdings of numerous public servants, revealing significant investments in various digital assets. Among the disclosures, one city councilor in Seoul, Kim Hye-young, stands out with a substantial investment in XRP. Kim's portfolio includes 16 different cryptocurrencies, totaling 1.765 billion won ($1.2 million). Notably, his Bitcoin holdings are relatively small, amounting to only 184,000 won.

Kim's wife and eldest son also have notable cryptocurrency holdings. His wife's portfolio is dominated by XRP, with 519,004 XRP valued at $1.2 million (1.8 billion Korean won), along with smaller amounts of Ethereum and Dogecoin. Kim’s eldest son holds 3,336 XRP. Another Seoul city councilor, Choi Min-gyu, holds the second-largest crypto portfolio among the officials, with investments amounting to 1.6 billion won. A significant portion of Choi's holdings is in XRP, totaling 409,551 XRP worth approximately 1.4 billion won ($966,540).

The strong presence of XRP in these portfolios reflects broader trends in South Korea’s crypto market. XRP is consistently one of the most-traded digital assets on major Korean exchanges, often surpassing Bitcoin and Ethereum in trading volume. This trend is supported by the fact that Korean investors hold an estimated 16–20% of XRP’s global market capitalization. However, not all high-profile investors in South Korea favor XRP. Kim Ki-hwan, CEO of the Busan-Ulsan Expressway and the official with the third-largest crypto portfolio, holds 1.42 billion won in crypto but does not own any XRP. His investments are concentrated in Terra Luna Classic (LUNC) and EOS (EOS).

These disclosures come as a result of a directive issued last year by South Korea’s Ethics Policy Division, which mandates government officials to declare their cryptocurrency investments. The move aims to enhance transparency and accountability in public service. This trend is not unique to South Korea; in the United States, lawmakers have also begun acknowledging their crypto investments. For instance, Pennsylvania Representative Guy Reschenthaler recently disclosed holdings in XRP, with investments ranging between $1,000 and $15,000. As crypto adoption continues to expand, the involvement of government figures underscores the asset class’s growing legitimacy in mainstream finance.