BitGo Korea secures VASP registration, opening the door to institutional custody in South Korea

A First for Global Crypto Firms in South Korea

@BitGo has secured a pivotal regulatory milestone in Asia. South Korea's Financial Intelligence Unit (KoFIU) accepted BitGo Korea's VASP registration on August 18, 2026, making it the first foreign crypto firm to do so without buying a local operator. The approval allows BitGo Korea to provide virtual asset custody and transfer services to institutional and enterprise clients, including financial institutions, asset managers, corporations, and public sector organizations.

BitGo established a new entity rather than acquiring an existing registered provider, in contrast with the route foreign firms have typically taken. Crypto.com, for example, secured its Korean registrations in 2022 by acquiring payment service provider PnLink and virtual asset service provider OK-BIT. The registration was also accepted two days before South Korea's stricter VASP entry requirements took effect.

BitGo, which went public on the New York Stock Exchange earlier this year at a $2 billion valuation, established BitGo Korea to add to existing regulated units in the U.S., Singapore, Germany, and Dubai.

Backed by Hana Financial and SK Telecom

BitGo Korea is a joint venture set up by BitGo and Hana Financial Group. Hana Financial signed a strategic partnership agreement with BitGo for a digital asset custody business in 2023, then co-founded BitGo Korea and took an equity stake in 2024. Hana Financial Group and SK Telecom hold stakes of 25 percent and 10 percent, respectively, in BitGo Korea.

SK Telecom will leverage its expertise in user authentication, security, and identity verification to enhance BitGo's service offerings, with the aim of making its services more accessible and secure. Hana Financial Group and SK Telecom, both shareholders in BitGo Korea, are also expected to accelerate their push into the cryptocurrency market.

BitGo developed security, anti-money laundering, internal control, and operational frameworks to meet South Korean regulatory requirements. South Korea's retail crypto traders are considered particularly active, with daily volumes on local exchanges regularly outpacing those of stocks during peak periods, making institutional infrastructure a logical next step for the market.

Sources:
CoinDesk: BitGo Secures South Korea VASP License for Institutional Custody
Korea Times: BitGo Becomes 1st Foreign Digital Asset Entity to Secure VASP License
Seoul Economic Daily: BitGo Enters Korea Crypto Custody Market With VASP License