The Government Public Ethics Committee Report
The Government Public Ethics Committee has released its annual report on public officials’ asset disclosures for 2025, revealing a notable rise in cryptocurrency holdings among high-ranking officials. According to the report, 411 out of 2,047 public officials were required to disclose their assets, and they reported holding virtual assets with a combined total value of 14.41 billion won. This translates to an average holding of 35.07 million won per individual.
Top Cryptocurrency Holders
Seoul City Council Member Kim Hye-young emerged as the official with the largest cryptocurrency holdings, reporting a total of 1.76 billion won in digital assets. Council Member Kim personally owns 16 different cryptocurrencies, including 0.0014 Bitcoin (BTC), 0.0123 Ethereum (ETH), and 472 Dogecoin (DOGE). However, the majority of the disclosed holdings come from family members, with 519,004 XRP valued at approximately $1.2 million held by his spouse and 3,336 XRP owned by his eldest son.
Following closely behind, Seoul City Council Member Choi Min-gyu was the second-highest public official in terms of crypto holdings, declaring 1.62 billion won in virtual assets. His portfolio includes 409,551 XRP, 9,402 Artidiums, and 4,701 Ads, all registered under his name.
XRP Investor Preference
XRP has firmly established itself as the top choice among South Korean investors. Its strong presence is especially noticeable on South Korean exchanges, with Upbit, the country’s largest exchange, holding around 4-5% of the total XRP supply, making it the largest exchange holder of XRP globally. Additionally, Upbit now accounts for 15% of the total XRP trading volume, recently surpassing Binance’s 12% market share.
Trading volume data further highlights XRP’s strong market presence. Over the past 24 hours, XRP’s trading volume on Upbit reached $325.89 million, accounting for 16.19% of the platform’s total trades. In comparison, Bitcoin’s trading volume stood at $110.55 million, making up just 5.49% of total trades. This difference underscores the high demand for XRP among South Korean traders.
A key factor fueling XRP’s strong trading activity in the country is the Kimchi Premium, a phenomenon where cryptocurrency prices in South Korea trade higher than global averages. This pricing disparity makes XRP appear more valuable, further driving trading volume and investor interest.
According to local media reports, lawmaker Ahn Do-Jae revealed that by the end of last year, over 9.6 million South Koreans held accounts on the country’s five major licensed exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax. This represents a 52.6% increase from the previous year, highlighting the rapid growth of cryptocurrency adoption in South Korea.
At the same time, South Korea is intensifying its regulatory efforts to protect investors. The Financial Intelligence Unit (FIU) has restricted access to 17 overseas cryptocurrency exchange apps on Google Play due to a lack of proper registration. Among the affected platforms are KuCoin, CoinEx, BitMart, MEXC, Phemex, and Poloniex. As of now, XRP is trading at $2.45, reflecting a 4.79% decrease over the past seven days and a 3.69% drop in the last 24 hours.