South Korean Lawmakers Invest in Cryptocurrencies
A recent investigation has unveiled that South Korean lawmakers are significantly invested in cryptocurrencies, including Bitcoin (BTC), popular altcoins like XRP, and the meme coin PEPE. The report by Energy Kyungjae, a South Korean media outlet, focused on members of the National Assembly’s Culture, Sports and Tourism Committee, who are actively engaged in formulating new policies to attract investors to the cryptocurrency sphere.
Government’s Vision for Cryptocurrency
President Lee Jae-myung‘s administration is pushing for a deregulated crypto environment, aiming to initiate what has been dubbed the “KOSPI 5000 era”. The government’s vision is to revitalize the capital markets, encourage investments backed by stablecoins and cryptocurrencies, and revamp the currently listless South Korean stock market.
Investment Trends Among Lawmakers
In its report, Energy Kyungjae highlighted the investment trends of 16 committee members, noting their preference for crypto assets like XRP and PEPE over domestic stocks. Some lawmakers have taken significant positions in various cryptocurrencies while seemingly neglecting the local stock market.
Prominent Investors
Prominent among these lawmakers is Jin Jong-oh from the opposition People Power Party, who has emerged as the most aggressive crypto investor identified in the investigation. Jin reportedly holds 3,359 units of XRP, eight units of XCORE, and 214 Paycoin (PCI), an investment portfolio that has seen its value explode from approximately $1,768 to about $9,579 in recent months.
Family Investments and Transparency
The laws mandate that lawmakers disclose not only their own assets but also those held by their immediate family members to avoid the potential for concealing wealth through relatives. The investigation revealed that Jin’s mother has also been actively trading in cryptocurrencies, acquiring a diverse portfolio that includes Bitcoin, Chiliz, and Sandbox, as well as over 3.2 billion PEPE coins.
Broader Participation in Crypto Investments
Crypto investments are not exclusively among opposition members; Yang Moon-seok from the ruling Democratic Party is also participating, holding 452.6 XRP valued at approximately $1,355. Moreover, many committee members have been investing in U.S. technology stocks, acquiring shares in major corporations like Microsoft, Apple, NVIDIA, Broadcom, and Tesla. Additionally, some lawmakers are staking claims in private gaming companies, investing in developers such as Xten Games and Memray.
