- A recent report from the nation’s Ethics Committee showed that one in five government officials is engaged in cryptocurrency investments.
- The top ten officials alone control the ₩8.57 billion ($5.85 million), leaving the 401 others with less than $4 million combined.
- Seoul City Council member Kim Hye-young, is holding much higher than the rest.
South Korea’s public sector is no longer all about governance and policy, it’s now quietly adopting crypto. A recent report from the nation’s Ethics Committee showed that one in five government officials is engaged in cryptocurrency investments. That’s 411 of 2,047 public servants who collectively hold ₩14.4 billion ($9.3 million) worth of cryptocurrencies.
The revelation isn’t simply a matter of curiosity—a nationwide push for transparency is the reason behind it. South Korean law has required government employees who are level four or higher to report their cryptocurrency holdings as part of their property filings since 2024. Those holdings must be valued at the average market price on the day they’re registered.
It’s not just a matter of crypto adoption. The top ten officials alone control the ₩8.57 billion ($5.85 million), leaving the 401 others with less than $4 million combined. There is much disparity, and it is the subject of discussions around ethics, justice, and financial power in the government.
Crypto Holdings Dominate Top Public Wallets
Seoul City Council member, Kim Hye-young, is holding much higher than the rest. She posses a mixed variety of 16 of the digital currencies, Bitcoin and Ethereum being part of the number but the big ones are XRP with over half a million tokens and Dogecoin. Her digital asset wealth is worth ₩1.76 billion ($1.1 million). Her family holds assets in this market as well; her partner has a share in Ethereum and Dogecoin, while her eldest son has 3,336 XRP.
Not far behind, fellow Seoul City Councilor Choi Min-gyu reported ₩1.62 billion ($1.1 million) in crypto. His assets include 409,551 XRP, 9,402 Arbitrum, and 4,701 Cardano. He holds fewer types of coins than Kim but still sits firmly among the crypto-rich elite of the public sector.
The third-highest holder is Kim Ki-hwan, CEO of the Busan-Ulsan Expressway Co., Ltd. Unlike his peers, he leans toward obscure tokens. His stash, worth ₩1.42 billion ($969,000), includes Luna Classic, Challengedocs, Horus Pays, and EOS Blacks. This marks him as someone willing to bet on lesser-known coins rather than mainstream tokens like Bitcoin.
Altcoin Craze Over Bitcoin in the Public Sector
Despite the country’s reputation for tight crypto regulation, the officials seem to favor altcoins. XRP continues to be a crowd favorite, appearing again and again in the portfolios of both officials and their families. Surprisingly, Bitcoin doesn’t get much love—perhaps due to its price volatility or limited upside compared to smaller coins.
Kim Hye-young’s crypto collection isn’t just the largest—it’s also the most diverse. Her XRP haul alone reaches 519,004 tokens, and when her family’s holdings are added in, it becomes clear she’s not just dabbling. She’s all-in. Her public profile in the crypto space now rivals some of South Korea’s institutional investors.
Other names from the public sector are showing up on the crypto radar. Among them are Kim Dae-hwan, Director-General of the Labor Development Foundation; Oh Mun-kyo, Dean of Police University; and Park Chun, President of Jeonju Education University. Their holdings range in the hundreds of millions of won, but none reach the levels of the top three.
On March 21, the Financial Intelligence Unit (FIU) announced actions against crypto platforms not registered under the Specified Financial Information Act. Just days later, on March 26, the Financial Services Commission (FSC) published a list of 22 non-compliant exchanges.
17 of them are already blocked from Google Play in South Korea. These moves came after the FIU, working with the Korea Communications Standards Commission, requested restrictions on these platforms targeting local users.
