South Korean officials' "crypto assets" exposed! Seoul city councillor actually holds over one million US dollars in cryptocurrencies
According to the civil servant property report disclosed by South Korea on March 27, among the 2,047 officials who reported their property, 411 people owned digital assets with a total value of up to 9.83 million US dollars. In other words, 1 in every 5 senior officials holds cryptocurrencies!
The most eye-catching is Seoul city councillor Kim Hye-young, who topped the list with $1.16 million in crypto assets. Not only does this councillor hold 16 cryptocurrencies (including Bitcoin), but his family also "groups" to invest. His spouse holds Ethereum, Dogecoin and Ripple, and his eldest son also holds more than 3,000 Ripple coins.
Ranked second is another Seoul city councillor Choi Min-kyu, who holds assets such as Ripple worth $1.06 million. The third place is Kim Ki-hwan, CEO of Busan Ulsan Expressway Company, who mainly holds tokens such as LUNC, worth $940,000.
Interestingly, the investment portfolios of these officials are varied. From mainstream Bitcoin and Ethereum to relatively niche tokens such as HORUS and BLACK, there is everything. On average, each official holds $23,000 in crypto assets, which shows the popularity of cryptocurrencies in South Korean politics.
This is the second time that South Korea has forced civil servants to declare crypto assets. According to South Korea's new crypto regulations, officials above level four must declare in detail the types and quantities of currencies they hold, and senior officials must also explain the source of funds and transaction records.
The background reason for the introduction of this policy is that there are 15.5 million crypto investors in South Korea, accounting for nearly 30% of the total population, and 610,000 new investors in October-November last year.
It seems that in South Korea, not only young people are keen on speculating in cryptocurrencies, but even government officials are "really fragrant"! This phenomenon not only reflects the popularity of cryptocurrencies in South Korea, but also highlights the importance of the asset disclosure system for public officials.
With the continuous development of the crypto market, how to ensure the transparency of public officials' assets and avoid potential conflicts of interest will also become an important issue facing the South Korean government.
What do you think of officials holding cryptocurrencies? Is the practice of the South Korean government forcing civil servants to declare digital assets worth learning from other countries?
