A new report from South Korea’s Government Public Ethics Committee has revealed that one in five public officials holds cryptocurrency, reflecting the increasing penetration of digital assets in state institutions.
As of 2025, 411 out of 2,047 officials have declared crypto holdings, amounting to a combined value of 14.41 billion Korean won ($9.8 million).
The Ethics Committee’s March 27 report was published by local media outlet Munhwa and represents the most detailed breakdown yet of crypto asset ownership within South Korea’s public offices.
This is the second consecutive year officials have been legally required to report virtual asset ownership, following a transparency law introduced in 2023.
The move marks a major shift in public sector accountability and sheds light on how crypto is no longer limited to private retail or institutional investors.
Seoul councillors top list
Among those disclosing cryptocurrency, the official with the highest declared amount is Seoul City Councilor Kim Hye-young.
Her crypto portfolio is worth 1.7 billion won ($1.2 million), spread across 16 types of cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and XRP.
She holds 0.0014 BTC personally, while her husband owns 0.01 ETH, 472 DOGE, and 519,004 XRP.
Their eldest son also holds 3,336 XRP. These figures make her household one of the most digitally invested within the South Korean public sector.
The second highest holding is of another Seoul City Councilor, Choi Min-gyu, whose assets total 1.6 billion won ($1.09 million).
Following closely is Kim Ki-hwan, CEO of Busan-Ulsan Expressway Co., with crypto holdings valued at 1.4 billion won ($955,031).
These disclosures highlight a growing interest in digital assets within both government and affiliated agencies.
New law enforces reporting
The requirement to declare virtual assets came into effect on 1 January 2024, after the South Korean National Assembly passed a bill in May 2023.
This legislation was introduced to ensure financial transparency among public officials and political candidates, especially amid growing concerns about conflicts of interest and undeclared wealth.
Under the rules, high-ranking officials classified under Grade 1 must disclose the type and amount of crypto assets they hold, as well as provide transaction records and explanations of how the assets were acquired.
Grade 4 officials, a category covering mid-level government employees, are required to disclose only the quantity and types of cryptocurrencies in their possession.
The policy is overseen by the Government Public Ethics Committee and applies to all high-ranking government employees, including members of the National Assembly, police leadership, and executives of state-run corporations.
Crypto use spreads in government
The findings point to a broader trend of crypto adoption among government stakeholders in South Korea.
Public officials reporting ownership 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 average holding per official stands at 35.07 million won ($23,927), underscoring that interest in crypto extends well beyond speculative trading.
It also raises questions about future regulation and whether similar rules could be introduced for other sectors or countries.
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