BitGo Korea secures VASP registration for institutional custody services

BitGo Korea has secured virtual asset service provider registration from the Korea Financial Intelligence Unit, allowing it to offer digital asset custody and transfer services to institutional clients. Backed by strategic shareholders Hana Financial Group, which holds a 25% stake, and SK Telecom, which holds a 10% stake, the firm built its local compliance frameworks from scratch. The approval comes amid a slump in retail trading volumes and just two days before South Korea implemented stricter regulatory entry requirements for virtual asset service providers.

BitGo Korea VASP registration

• ▪BitGo Korea built its local entity from the ground up to establish local security, anti-money laundering, and internal control frameworks, rather than acquiring an existing registered provider to inherit a license
• ▪BitGo Korea secured its virtual asset service provider registration two days before South Korea's stricter entry requirements for virtual asset service providers took effect
• ▪BitGo Korea secured virtual asset service provider registration from the Korea Financial Intelligence Unit on August 18, 2026, allowing it to offer digital asset custody and transfer services to institutional and enterprise clients

Hana Financial Group stake

• ▪Hana Financial Group, one of South Korea's largest banking conglomerates, holds a 25% strategic stake in BitGo Korea
• ▪Hana Financial Group entered as a shareholder in BitGo Korea in September 2024, positioning the banking group to develop products within traditional banking channels if regulations permit

SK Telecom investment

• ▪SK Telecom, South Korea's dominant mobile carrier, holds a 10% strategic stake in BitGo Korea
• ▪SK Telecom entered as a shareholder in BitGo Korea in September 2024 alongside Hana Financial Group

South Korea custody regulations

• ▪South Korea's updated virtual asset service provider entry rules expand scrutiny of shareholders and require applicants to satisfy financial soundness, cybersecurity, internal control, and anti-money laundering standards
• ▪South Korea requires virtual asset service providers to obtain Information Security Management System certification as a mandatory prerequisite before filing for virtual asset service provider registration

Institutional digital asset services

• ▪South Korea's institutional crypto market is drawing increased attention as a weak global crypto market has caused retail trading volumes and profits at major domestic exchanges like Upbit and Bithumb to decline
• ▪BitGo Korea's registration addresses a gap in South Korea's digital asset market, where compliant institutional custody options have been limited and retail investors have primarily held assets on domestic exchanges

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