South Korea: The extrapolation of a data collection among civil servants indicates 20% crypto piercing among them
- Many South Korean officials hold XRP tokens due to their great interest in digital assets in the country.
- The state requirements for the disclosure of crypto assets show that the authorities intensify the monitoring of digital assets.
The South Korean government has published reports on crypto assets that show that state employees belong to remarkable amounts of digital assets. The data The ethics committee for civil servants show that over 400 of the 2,047 state employees who have disclosed their assets hold cryptocurrencies.
The crypto ownership of these officials amounts to a total of 14.412 billion Korean WON, about $ 9.8 million. The number of domestic investors who hold digital currencies such as Bitcoin has increased by more than 50% in recent years – CNF reported.
XRP dominates
The latest disclosure data show that more and more South Korean officials are investing in cryptocurrencies. Statistics show that 411 public servants who hold virtual assets have an average of 35.07 million in their digital portfolios. Every year there is new obligations for civil servants their crypto assetsreportsince government officials are confronted with this obligation to report for the second time in a row.
The City Council of Seoul, Kim Hye-Young, took first place by disclosing digital assets worth 1.765 billion WON ($ 1.2 million). The Bitcoin portfolio among its cryptocurrency investments amounts to 184,000, while it has 16 separate digital assets. His wife shows a remarkable interest in XRP because she has 519.004 XRP tokens worth 1.8 billion won ($ 1.2 million). The oldest son of City Councilor Kim Hye-Young is in possession of 3,336 XRP tokens. The second largest crypto portfolio of City Councilor Choi Min-Gyu achieves a value of 1.6 billion won ($ 966,540) thanks to its 409,551 XRP stocks.
Public officials in South Korea show a strong preference for XRP through their open stocks in their financial reports. XRP has a high trading volume of domestic stock exchanges, in particular Upbit And Bithumb, as previously reported by CNF, reaches a higher trading volume than Bitcoin and Ethereum. Experts in this area believe that South Korean investors hold a share of 16 % to 20 % in the total value of XRP.
According to their public disclosure documents, a few leading officials who had XRP also invested in other digital assets. As CEO of Busan-Ulsan Expressway, Kim Ki-Hwan, with a digital assets worth 1.42 billion, takes third place among the officials who have cryptocurrencies. His crypto investments do not include XRP, but he holds Terra Luna Classic (LUNC) together with EOS-tokens. The President of the President of the President of the Korean National Police University, Oh Moon-Kyo, and the Secretary General of Laboratory Management Development Foundation, Kim Dae-Hwan, amount to 656.68 million won or 1.369 billion.
Regulations and effects
South Korean civil servants must disclose their crypto assets based on a mandate from the Department of Ethics Policy from last year. South Korean officials of grade 4 and higher the government must both disclose the virtual assets they own and their specific amounts. Officials who achieve a classification of level 1 or higher must create comprehensive documentation of their purchases and transactions in the past year. The average daily prices from the day of registration serve as the basis for the calculation for the open assets.
The global trend towards regulating cryptocurrencies has brought South Korea a pioneering role because its government introduces transparency requirements for civil servants. Such disclosures indicate that digital assets have started to penetrate the traditional financial investment strategies. Outside the South Korean territory, members of the US congress show great interest in the cryptocurrency XRP.
The representative of Pennsylvania, Guy Reschenthaler, revealed to the public that he bought XRP worth $ 1,000 to $ 15,000, as can be seen from disclosure documents. Government officers can expect increased regulatory attention in the coming years regarding their financial use of digital assets.
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