BitGo Korea has secured VASP registration from South Korea’s Financial Intelligence Unit, becoming the first local entity owned by an overseas crypto company to complete the process directly.
Summary
- The FIU accepted BitGo Korea’s VASP registration filing on Aug. 18.
- BitGo Korea plans to provide custody and transfer services to institutions and companies.
- Hana Financial owns 25% of the business, while SK Telecom holds a 10% stake.
- Stricter registration checks covering VASPs and major shareholders took effect on Aug. 20.
Yonhap News Agency reported on Aug. 20 that the Financial Intelligence Unit, an agency under South Korea’s Financial Services Commission, had accepted BitGo Korea’s virtual asset service provider registration two days earlier.
BitGo Korea plans institutional custody services
Established in 2024, BitGo Korea chose to meet the country’s regulatory requirements through its own entity rather than acquire a company that already held VASP registration, according to the Yonhap report.
The company plans to use the registration to establish cryptocurrency custody and transfer services in South Korea. BitGo said its local business will focus on financial institutions and corporate customers, although the company did not provide a launch date.
Details about the assets supported by the service, custody charges, and insurance coverage were also absent from the announcement. BitGo did not identify any customers or disclose how much it expects to hold in custody through the Korean entity.
BitGo CEO Mike Belshe described the registration as an important step in the company’s plan to establish regulated infrastructure in major markets.
“We will focus on connecting global virtual asset infrastructure with the Korean market,” Belshe said, according to a translation of his statement carried by Yonhap.
The reported first applies specifically to a Korean subsidiary of an overseas virtual asset company obtaining VASP registration directly. BitGo’s announcement does not establish that it is the first foreign-linked crypto business of any type to operate legally in the country.
South Korea treats VASP approval as a registration rather than a general financial services license. The approval lets BitGo Korea build its stated custody and transfer operations, but the announcement did not say that the company can operate a won-based retail cryptocurrency exchange.
Hana and SK Telecom hold stakes in BitGo Korea
BitGo’s entry has been supported by two large Korean companies. Hana Financial Group acquired a 25% interest in BitGo Korea in 2024, while SK Telecom purchased a 10% stake and joined the venture as a strategic partner.
In May, crypto.news reported Hana Bank’s planned 930 billion won, or roughly $670 million, investment in Dunamu, the operator of Upbit. The report also noted that Hana and SK Telecom had helped establish BitGo Korea as part of the bank’s activity in digital assets.
Hana Bank began working with BitGo on cryptocurrency custody services in 2023. Under the later ownership arrangement, Hana was expected to contribute its financial-sector experience, while SK Telecom would provide knowledge related to authentication, identity checks, and security.
Alongside its BitGo investment, Hana has pursued other crypto-related projects. A March 2026 report detailed cooperation between Hana Financial and Standard Chartered on tokenized deposits, stablecoins, custody, and payment infrastructure.
BitGo said in 2024 that its Korean partners would help develop an institutional market for digital assets. The latest announcement did not state whether Hana, SK Telecom, or their subsidiaries will become paying customers of the newly registered business.
BitGo follows regulated custody paths in Korea and the US
Founded in the United States in 2013, BitGo provides custody, wallets, trading, settlement, staking, and other digital-asset services through entities operating in several jurisdictions.
In Europe, BitGo holds authorization from Germany’s Federal Financial Supervisory Authority under the Markets in Crypto-Assets framework. Its other regulated operations include entities in Singapore, Dubai, Denmark, and Switzerland, according to the company’s licensing information.
For US institutions, BitGo’s Korean registration follows a separate federal banking process. A July 2026 report said BitGo had received full approval from the Office of the Comptroller of the Currency to convert its state-chartered trust company into a national trust bank.
A national trust bank may provide custody, fiduciary, and approved asset-servicing functions under federal supervision. It does not operate like a commercial bank that accepts ordinary insured deposits and issues conventional consumer loans.
BitGo states on its website that BitGo Bank & Trust, National Association, is regulated by the OCC. The company also warns that digital assets held in custody are not protected by the Federal Deposit Insurance Corporation or Securities Investor Protection Corporation insurance.
The Korean approval therefore does not extend the protections or permissions attached to BitGo’s US-regulated entity. Services offered in South Korea will remain subject to local rules, customer eligibility requirements, and the authority of Korean regulators.
South Korea has tightened VASP registration checks
BitGo Korea received its approval shortly before stricter entry checks took effect on Aug. 20. The Financial Services Commission said the revised rules expand regulatory reviews to the chief executive or controlling shareholder of a VASP.
When a company is the largest shareholder, the FIU may also examine that company’s largest shareholder and representative. BitGo Korea’s shareholder structure includes Hana Financial and SK Telecom, although neither the FSC nor BitGo said whether the new tests applied to the application accepted on Aug. 18.
Under the updated framework, applicants must maintain a debt ratio of no more than 200% and must not have defaulted during the previous three years. A company may also be rejected if it was previously declared an insolvent financial institution or lost a registration or operating license for violating financial laws.
Executives must satisfy the qualifications established under South Korea’s rules for the governance of financial companies. The FSC said applicants also need suitable staff, cybersecurity systems, physical infrastructure, and internal controls covering anti-money-laundering duties and customer protection.
South Korea has previously acted against overseas platforms that served local customers without registration. In January, Google Play restrictions required crypto exchanges and wallet providers targeting South Korean users to show proof of an accepted VASP filing to remain available through the local app store.
Transfer controls will become stricter under another part of the revised framework. The FSC said South Korea will remove the existing 1 million won threshold for Travel Rule checks between registered domestic VASPs, requiring sender information to accompany transfers of every value.
Transfers involving foreign exchanges or personal wallet providers will be permitted under risk-based conditions. Six months after the revised rules are promulgated, registered providers must also report transfers of at least 10 million won to overseas VASPs or wallet services to the FIU, regardless of the assessed transaction risk.
