South Korea's Public Officials Invest 20% in Cryptocurrency

On March 27, the Government Public Ethics Committee in South Korea released the personal asset reports of the country’s public officials for the year 2025. The reports revealed that a substantial number of public officials have invested in cryptocurrency, indicating a growing acceptance of digital assets within the government sector.

Out of 2,047 officials, 411 have directly invested in digital assets, representing 20% of the country’s public officials. Notable figures include the Secretary General of the Labor-Management Development Foundation, the President of the Korean National Police University, and the Vice President of the Korea Water Resources Corporation. The total worth of crypto assets held by these 411 public officials amounts to 14.41 billion Korean won, equivalent to $9.8 million. On average, each official with cryptocurrency holdings has approximately 35.07 million Korean won (around $23,927) worth of digital assets. This data underscores the increasing trend of South Korean government public servants viewing digital assets as a viable investment option, reflecting the broader adoption of cryptocurrencies in the region.

The disclosure report identifies Seoul City Councilor Kim Hye-young as the public official with the highest cryptocurrency investments, totaling 1.76 billion KRW ($1.2 million). Her holdings are diversified across 16 different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Ripple (XRP). Her husband holds 0.01 ETH, 472 DOGE, and 519,004 XRP; her elder son owns 3.336 XRP. Following Kim Hye-young, another Seoul City Councilor, Choi Min-gyu, ranks second with 1.6 billion Korean won ($1.09 million) in crypto assets. The third highest-ranking official in terms of digital asset holdings is Kim Ki-hwan, CEO of Busan-Ulsan Expressway Co., with a total investment of 1.4 billion Korean won ($955,031).

This is the second consecutive year that South Korean public servants have been required to report virtual assets in their financial statements. In May 2023, lawmakers enacted a law mandating public servants and candidates for political positions to disclose ownership of cryptocurrency. The law, which came into effect on January 1, 2024, requires senior officials, including National Assembly members, to disclose their cryptocurrency holdings to the Government Public Ethics Committee. Under this policy, Grade 4 government officials must disclose the quantity and type of cryptocurrency they hold. Grade 1 officials face more stringent requirements, including providing a detailed report of how they acquired their crypto assets and a history of transactions for the past year. This policy aims to enhance financial transparency and prevent any misuse of digital funds within the government.

The revelation that government officials own crypto assets is shifting public sentiment towards cryptocurrencies in South Korea. The increased involvement of government officials in cryptocurrency investment reflects growing confidence in the industry. The mandatory disclosure policy is a significant step towards promoting ethical conduct among officials and encouraging accountability in financial activities. Such a law could serve as a model for other countries looking to enact policies that ensure transparency in the public sector regarding digital asset ownership.