A recent asset disclosure report revealed that 20.1% of high-ranking South Korean officials hold cryptocurrency, with total holdings amounting to $9.83 million.
Crypto Ownership Report by Officials
Of the 2,047 state officers required to disclose their holdings, 411 reported owning virtual assets, with an average holding of $23,000 per person. Seoul City Council Member Kim Hye-young topped the list with 16 different cryptocurrencies, including 0.00144591 BTC.
Disclosure Policy and Market Growth
Virtual assets became a mandatory item in public servants' asset disclosures last year. Under the policy, officials of Grade 4 or higher must declare their virtual assets. These measures led to increased crypto ownership in the country.
Impact on Crypto Holding Trends
South Korea has noted an increase in cryptocurrency ownership among its citizens. In November 2024, about 30% of the population held digital assets, and the number of investors grew by 610,000.
The introduction of mandatory crypto asset disclosure for South Korean public officials has led to increased transparency and influenced crypto holding trends in the country.
