20% of South Korean Government Officials Report Crypto Investments, Sparking Controversy
Recent asset declarations reveal that 411 out of 2,047 South Korean government officialsabout 20.1%reported owning digital assets worth a total of KRW 14.4 billion (approximately $9.83 million).
Notable Investments by High-Level Officials
Among the notable public officials, Seoul City Council Member Kim Hye-young topped the list with crypto holdings valued at 1.7 billion KRW (approximately $1.16 million). Kims portfolio includes 16 investments, including Bitcoin, Ethereum (ETH), Dogecoin (DOGE), and XRP. Following Kim, Seoul City Councilor Choi Min-gyu declared holdings worth 1.62 billion KRW ($1 million), including XRP and Artidium. Busan-Ulsan Expressway CEO Kim Ki-hwan ranked third, reporting 1.43 billion KRW in crypto, primarily in Luna Classics (LUNC) and other altcoins.
Growing Trend and Public Scrutiny
These revelations highlight a growing trend of government officials becoming involved in the cryptocurrency market. While the South Korean government is aiming to enhance transparency by requiring officials to disclose their crypto investments, the involvement of public figures in the space has sparked both interest and controversy. The trend raises questions about potential conflicts of interest and the need for stricter regulations in the rapidly evolving crypto market.
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Text source: Coindoo
