20% of South Korean Government Officials Report Crypto Investments, Sparking Controversy
Recent asset declarations have shown that 20.1% of South Korean government officials, totaling 411 out of 2,047, have reported owning digital assets worth KRW 14.4 billion (around $9.83 million). Among these officials, Seoul City Council Member Kim Hye-young stands out with crypto holdings valued at 1.7 billion KRW (approximately $1.16 million), including investments in Bitcoin, Ethereum, Dogecoin, and XRP. Following Kim, Seoul City Councilor Choi Min-gyu declared holdings worth 1.62 billion KRW ($1 million), which include XRP and Artidium, while Busan-Ulsan Expressway CEO Kim Ki-hwan ranked third with 1.43 billion KRW in crypto, primarily in Luna Classics and other altcoins. These revelations point to a growing trend of government officials entering the cryptocurrency market, raising concerns about potential conflicts of interest and the necessity for stricter regulations in this rapidly evolving sector.
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