BitGo Korea has secured virtual asset service provider (VASP) registration from South Korea's Financial Intelligence Unit, making it the first global crypto firm to establish a new local entity and obtain direct approval. Backed by Hana Financial Group (25% stake) and SK Telecom (10% stake), the joint venture plans to offer regulated digital asset custody and transfer services to institutional clients. The approval was finalized on August 18, 2026, just two days before South Korea implemented stricter VASP entry requirements.
BitGo Korea VASP registration
- ▪BitGo Korea is the first local entity established from scratch by a global digital-asset firm to secure virtual asset service provider registration in South Korea.
- ▪The Korea Financial Intelligence Unit accepted the virtual asset service provider registration of BitGo Korea on August 18, 2026.
Institutional custody service plans
- ▪BitGo Korea has not disclosed a launch date, supported assets, custody charges, insurance coverage, or specific customers for its planned South Korean custody services.
- ▪BitGo Korea plans to provide virtual asset custody and transfer services to domestic and overseas institutional and corporate clients.
Hana Financial Group stake
- ▪Hana Bank began working with BitGo on cryptocurrency custody services in 2023 and planned a 930 billion won investment in Dunamu in May 2026.
- ▪Hana Financial Group holds a 25% ownership stake in BitGo Korea, which the financial holding company acquired in September 2024.
SK Telecom ownership
- ▪SK Telecom holds a 10% ownership stake in BitGo Korea, joining the joint venture as a strategic partner in September 2024.
- ▪SK Telecom is expected to provide knowledge related to authentication, identity checks, and security for the BitGo Korea joint venture.
South Korean VASP regulatory framework
- ▪South Korea implemented stricter virtual asset service provider registration checks on August 20, 2026, expanding regulatory reviews to chief executives and controlling shareholders.
- ▪Under South Korea's revised framework, virtual asset service provider applicants must maintain a debt ratio of no more than 200% and have no defaults within three years.
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