On June 26, the Government Public Officials Ethics Committee released special asset disclosures for 44 senior officials, drawing renewed attention to the scope of their cryptocurrency holdings. According to the newly published reports, some officials declared virtual assets valued in the hundreds of millions of Korean won, highlighting the expanding role of digital investments within the public sector.
In particular, Lee Junho, a minister-counselor at the Korean Embassy in Washington, reported holdings worth approximately KRW 630 million (about USD 450,000) in major cryptocurrencies such as Bitcoin and Ethereum. Specifically, he declared 3.71 Bitcoins, 2.3 Ether, 1,220 XRP, Stellar Lumens, and several other assets. Among the newly disclosed filings, this represented one of the largest individual cryptocurrency portfolios.
When combining these special disclosures with earlier annual reports, approximately 1,274 out of 5,682 senior officials (around 22%) have now declared some form of cryptocurrency ownership. This figure marks a steep rise compared to the same time last year, when only 338 individuals had reported digital assets—a nearly 3.8-fold increase. Observers attribute this surge in reporting partly to recent amendments to the Public Officials Ethics Act, which tightened mandatory disclosure requirements for virtual assets, revealing holdings that may have previously gone unreported.
The growing presence of cryptocurrencies among public officials reflects broader societal enthusiasm for digital investments. However, it also raises persistent concerns about conflicts of interest and the potential misuse of insider information. An official from the Ethics Committee stated, “Cryptocurrencies can be liquidated quickly and their value fluctuates dramatically. Even mere possession can have significant financial implications, so rigorous review and ongoing monitoring are essential.”
The disclosures are currently at the pre-audit stage, with further verification required to assess the accuracy of the filings and any potential conflicts of interest. The government has announced plans to strengthen penalties, including fines and disciplinary measures, for any violations of reporting obligations.
As virtual assets account for a growing proportion of reported wealth in the public sector, debates over transparency and ethical standards are expected to intensify. The Public Officials Ethics Committee said it plans to release additional guidance specific to cryptocurrency holdings later this year.
