Table of Contents
Turns out, quite a few government suits in South Korea are also moon-chasing crypto enthusiasts. On March 27, the Ethics Commission for Government Officials dropped a juicy report: Senior public servants collectively own more than 14 billion Korean won in crypto assets—that’s around $9.5 million USD or €8.8 million.
1 of 5 South Korean Officials Is a Crypto Holder
According to the probe, 411 out of 2,047 government officials—more than 20%—reported holding cryptocurrencies. And they’re not just dabbling. On average, each of them holds around 35.1 million KRW, which is approximately $24,000 USD worth of digital assets.
Not bad for civil service, right?
Crypto Queen of the Council: Kim Hye-young
Leading the pack is Seoul City Councilwoman Kim Hye-young, who holds the crown as the top government crypto holder. Her digital portfolio is worth a cool 1.76 billion KRW—or about $1.2 million USD.
The report noted that these public officials aren’t just sticking to Bitcoin or Ethereum. Their portfolios include a colorful mix: Bitcoin, Ethereum, XRP, Dogecoin, and even the infamous Luna Classic. Because why not throw in a little nostalgia?
Transparency Just Got a Blockchain Upgrade
This disclosure is part of stricter transparency rules rolled out in recent years. Back in 2023, Prime Minister Han Deok-soo stated that crypto assets—just like gold or other valuable property—must be openly declared by public officials.
The Law That Sparked the Crypto Curtain Pull
On May 25, 2023, South Korea passed a law requiring government officials to publicly disclose their crypto holdings. And since early 2024, Korean citizens can now check the crypto portfolios of over 5,800 public officials. (Yes, snooping is now legal.)
Crypto exchanges joined the party in June by launching special systems to simplify asset registration. Because nothing says transparency like a “Know Your Bureaucrat” feature.
The Scandal That Started It All
These tighter rules didn’t appear out of nowhere. They were triggered by the scandal involving lawmaker Kim Nam-kuk, who was accused of concealing nearly $4.5 million worth of crypto. The backlash was intense—Kim even left the Democratic Party to prevent further political fallout.
In the end, Kim was cleared of any wrongdoing—technically. At the time, there was no legal obligation to declare crypto assets, which, let’s be honest, is pretty convenient when millions are involved.
Final Thoughts: When Blockchain Meets Bureaucracy
South Korea is leading the way in government-level crypto transparency, and whether it’s motivated by ethics or past embarrassments, it’s certainly making waves. As crypto continues to enter the mainstream, public officials may need to think twice before stashing coins under the digital mattress.
After all, the blockchain never forgets—and now, neither does the Ethics Commission.
Related: Regulator Drops the Hammer: Google Play Blocks 17 Unregistered Crypto Exchanges in South Korea
