BitGo Korea Enters South Korean Crypto Market With VASP Approval

By Bena Ilyas | Edited By Sahana Kiran,August 20, 2026, 11:59 AM

BitGo Korea has gained registration as a virtual asset service provider by South Korea’s Korea Financial Intelligence Unit (KoFIU), enabling BitGo to offer its services for storing and transferring cryptocurrencies in the country.

This is a significant move on the part of BitGo, as the firm looks to establish itself in the burgeoning digital assets space of South Korea. This also means that BitGo will be part of a select few foreign-owned cryptocurrency custodians who have successfully made it through South Korea’s stringent regulatory framework.

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BitGo Korea Completes Key Regulatory Steps

Being in the Korean crypto market is not just about registering a local entity. There are many conditions that have to be met, among which the ISMS certificate is a necessary one before going for VASP registration.

BitGo Korea obtained a provisional ISMS certificate in June 2025 before going on with its VASP registration process. The KoFIU process usually takes a couple of months, thus aligning with BitGo Korea’s expectations.

Moreover, BitGo Korea has received significant support from some of the leading organizations of South Korea. Hana Financial Group has a 25% share in the company, whereas SK Telecom holds a 10% stake.

Both organizations became shareholders in September 2024. This partnership provides BitGo Korea with connections to both the financial and technological industries of South Korea.

South Korea Maintains Strict Crypto Rules

One of the most advanced regulatory regimes in Asia for virtual asset business is South Korea. Crypto firms need to fulfill the requirements of anti-money laundering laws and security standards to legally provide their services.

South Korea has always been keen on real-name banking and investor protection. This has been hard for foreign crypto firms to operate in the country.

Crypto custody in institutional spaces has also been limited relative to crypto trading at the retail level. Historically, many investors from South Korea have used local exchanges for crypto custody.

Registration with BitGo Korea may go a long way towards helping facilitate such crypto custody services.

Hana Financial Could Open New Opportunities

The participation of Hana Financial Group might be important as South Korea begins to regulate its own laws for digital assets.

The investment of the bank doesn’t necessarily imply the immediate creation of its cryptocurrency-based services. Still, by having a part in the registered custodian of cryptocurrencies, the financial group gains access to an emerging market.

Regulations around stablecoins and other classifications of digital assets are still under development in South Korea. The licensing of such firms will give BitGo Korea an easier time adapting to any changes that may arise due to these regulations.

From the perspective of BitGo, the license gives them a regulatory entry point into the South Korean market. It also gives them a chance to get into an industry in South Korea that has an increasing institutional need for digital asset services.

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