BitGo Korea Secures VASP Registration for Institutional Crypto Custody

BitGo Korea was established in early 2024 as a joint venture between U.S. digital-asset infrastructure provider BitGo and Hana Bank, targeting institutional demand for regulated crypto custody. Hana Financial Group and SK Telecom later took stakes of 25% and 10%, respectively, bringing banking, authentication and security capabilities to the venture. The structure gives BitGo a locally backed route into one of Asia’s most active digital-asset markets without buying an existing licensed operator.

The Korea Financial Intelligence Unit (KoFIU), under the Financial Services Commission, accepted BitGo Korea’s virtual asset service provider registration on Aug. 18, 2026, the company said on Aug. 20. The approval allows it to provide digital-asset custody and transfer services to Korean financial institutions and corporate clients. BitGo said the unit is the first Korean subsidiary of a global crypto company to secure registration directly rather than through an acquisition. The clearance came ahead of tougher VASP registration standards that took effect on Aug. 20.