Korean Councilor Confirms Holding $1M in XRP as Government Officials Report $9M+ Worth of Crypto Holdings
March 27, 2025
South Korean government officials have disclosed their crypto holdings, with one City Councilor reporting nearly $1 million in XRP.
This is according to a report today from leading South Korean daily newspaper Munhwa Ilbo, citing data provided by the country’s Ethics Commission for Government Officials. Notably, the data came from the Commission’s latest disclosure of the changes in the asset holdings of public officials for 2025.
Korean Government Officials Hold XRP
Interestingly, the disclosure revealed that of the 2,047 government officials who reported their investment portfolio, up to 411, representing 20.1%, confirmed that they hold crypto assets. Notably, these officials collectively hold crypto assets worth 14.412 billion Korean won ($9.8 million against prevailing rates).
Notable among them was Kim Hye-young, a Councilor of Seoul, the capital city of South Korea. According to his disclosure, Kim holds up to 16 crypto assets worth a whopping 1.765 billion won ($1.2 million), placing him as the single largest holder of crypto assets among government officials. Of this figure, Bitcoin only makes up 184K won.
Besides his personal portfolio, Kim also revealed the assets held by his wife and eldest son. Interestingly, the City Councilor’s wife seems to be more drawn to XRP, which makes up most of her portfolio. She holds 519,004 XRP worth $1.2 million or 1.8 billion Korean Won, with 0.0122 ETH and 417 DOGE. Kim’s eldest son also holds 3,336 XRP.
Meanwhile, Choi Min-gyu, another Councilor of Seoul, was reported to have held the second-largest crypto portfolio among the government officials. Notably, Choi holds 1.6 billion KRW in crypto assets, with XRP taking a huge chunk of this figure, as he disclosed a bag of 409,551 XRP worth 1.4 billion KRW or $966,540.
Growing Interest in XRP Among Korean Investors
These disclosures do not come as a surprise, as XRP has historically been a favorite among South Korean investors. The asset persistently beats Bitcoin and Ethereum in trading volume on leading Korean exchanges like Upbit and Bithumb. Analyst XForceGlobal recently reported that Korean investors hold 16 to 20% of XRP’s global market cap.
1. South Korea’s Share in XRP Market Capitalization
South Korean investors collectively hold around 16-20% of XRP’s global market capitalization. The majority of crypto traders in Korea likely have some exposure to XRP.
— XForceGlobal (@XForceGlobal) March 26, 2025
However, the Korean government official with the third-largest crypto portfolio, Kim Ki-hwan, who holds 1.42 billion KRW, did not report any XRP holdings. Instead, the Busan-Ulsan Expressway CEO revealed that he owns Terra Luna Classic (LUNC) and EOS (EOS) tokens.
Notably, the latest disclosure comes on the back of a decree from the country’s Ethics Policy Division last year that government officials will have to report their crypto holdings. Interestingly, besides Korean officials, lawmakers in the U.S. have also shown interest in XRP. Pennsylvania representative Guy Reschenthaler recently confirmed an investment of $1,000 to $15,000 in XRP.
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