South Korean Public Officials Reveal Crypto Holdings: Over $9.8 Million in Assets Disclosed

South Korea’s Ethics Commission for Government Officials has made a significant revelation regarding the cryptocurrency holdings of public officials. According to a report published on March 27, 2025, more than 20% of the country's surveyed officials—amounting to 411 out of 2,047 individuals—disclosed that they hold cryptocurrency assets, totaling approximately 14.4 billion won (around $9.8 million). This disclosure follows a growing demand for transparency in the country’s public sector.

The Ethics Commission shared that the average crypto holdings per official amounted to 35.1 million won (roughly $24,000). The assets disclosed included popular cryptocurrencies like Bitcoin (BTC), Ether (ETH), XRP, and Dogecoin (DOGE).

The largest individual crypto holding was revealed to belong to Seou

l City Councilor Kim Hye-young, who reported possessing 1.76 billion won (approximately $1.2 million) worth of digital assets.

Public Officials’ Crypto Holdings: A Snapshot of Asset Types

The disclosed crypto holdings span a range of cryptocurrencies, reflecting the diverse interests of South Korean officials in the digital asset space. The assets include:

• Bitcoin (BTC) – valued at $87,035 per coin

• Ether (ETH) – valued at $2,024 per coin

• XRP – valued at $2.34 per token

• Dogecoin (DOGE) – valued at $0.1947 per coin

• Luna Classic (LUNC), and others

While the full breakdown of each official’s holdings has not been made public, the commission’s findings underscore the increasing presence of cryptocurrency in the portfolios of government figures, mirroring global trends where public officials are becoming more involved in the digital asset economy.

Transparency in Public Sector Crypto Holdings

The move to disclose crypto assets among public officials follows calls for greater transparency from South Korea’s Prime Minister Han Deok-soo. In 2023, Han emphasized the importance of including cryptocurrency in the financial disclosures of high-ranking government officials, treating it similarly to other assets such as precious metals.

In May 2023, South Korea passed a new law requiring public officials to include their cryptocurrency holdings in their official property disclosures. The new system, which will come into effect in 2024, will allow citizens access to the crypto holdings of over 5,800 public officials across various sectors.

This initiative aims to foster trust and accountability within the government and limit potential conflicts of interest that could arise from undisclosed financial dealings in the volatile cryptocurrency market.

The Law’s Origins: Kim Nam-kuk’s Controversy

The push for mandatory cryptocurrency disclosure came in response to a high-profile scandal involving South Korean lawmaker Kim Nam-kuk. Kim was accused of liquidating crypto assets worth around $4.5 million and allegedly concealing his holdings before the South Korean legislature began enforcing the Financial Action Task Force’s (FATF) Travel Rule.

The controversy surrounding Kim led to public outcry, with critics accusing him of attempting to conceal his wealth. As a result, South Korea’s new crypto disclosure laws were introduced to ensure greater transparency and prevent similar incidents in the future.

Kim left the Democratic Party amid the controversy to distance the party from the ongoing legal battle. Although prosecutors had initially requested a six-month prison sentence, Kim was ultimately acquitted after a judge ruled that at the time of the transactions, crypto assets were not yet subject to public disclosure laws.

A Shift Toward Transparency and Accountability

As South Korea continues to strengthen its cryptocurrency regulations, the new law on public officials’ disclosures is seen as an important step toward increasing transparency and reducing potential conflicts of interest within the government. The mandatory reporting of crypto holdings aligns with global efforts to ensure that officials' financial activities are open to public scrutiny.

This new policy is likely to have broad implications, not only for South Korea’s public officials but also for the broader crypto industry. By placing cryptocurrency on the same level as traditional assets in the eyes of the law, South Korea is setting a precedent that could influence other countries as they adopt similar measures for cryptocurrency regulation.

What’s Next for Public Sector Crypto Regulation in South Korea?

With the public disclosure of crypto holdings now mandatory for South Korean officials, the country is taking significant steps in regulating and overseeing the involvement of government figures in the digital currency space. This may also pave the way for more comprehensive anti-money laundering (AML) and Know Your Customer (KYC) measures in the country’s crypto industry.

For the public, these disclosures provide insight into the growing intersection between government and digital assets and may signal broader acceptance of cryptocurrencies in the financial landscape.

As South Korea continues to refine its regulatory framework, other nations may follow suit, looking to balance the innovation of blockchain technology with the need for transparency and accountability in the public sector.

Related Links:

• FATF Travel Rule