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South Korea’s Ethics Commission has revealed that high-ranking public officials in the country collectively own an average of 35.1 million won or $24,000 in cryptocurrency. As of March 27, over 20% of officials surveyed hold a total of 14.4 billion won worth of crypto assets. This includes 411 out of 2,047 officials required to disclose their holdings.
The disclosed figures show a wide range of holdings, including Bitcoin, Ether, and XRP. The highest reported amount came from Seoul City Councilor Kim Hye-young, who possesses 1.76 billion won or $1.2 million in crypto. The disclosure follows calls for greater transparency in the public sector regarding cryptocurrency assets.
The new disclosure system was introduced in 2023 after Prime Minister Han Deok-soo called for crypto to be treated similarly to other assets. It is part of a broader push to increase transparency and accountability in government. By 2024, South Koreans will have access to the crypto holdings of over 5,800 public officials.
