Overview
- BitGo Korea had its Virtual Asset Service Provider registration accepted by the Korea Financial Intelligence Unit on Aug. 18, 2026, clearing the way to offer custody and transfer services to qualified institutional and corporate clients in South Korea.
- The local unit was set up in 2024 rather than bought, and Hana Financial Group and SK Telecom hold 25% and 10% stakes respectively, giving BitGo banking links and telecom security expertise in the market.
- South Korea enforces a layered VASP regime that requires ISMS security certification, real-name banking ties, and AML controls, and regulators expanded entry checks on executives and major shareholders effective Aug. 20, 2026.
- BitGo has not disclosed a launch date, which assets it will support, fees, insurance terms, or client names, so near-term commercial impact and customer access remain uncertain.
- The registration fills a gap in regulated institutional custody in Korea and could speed bank and product development, while stricter rules on offshore transfers mean locally registered providers like BitGo may face fewer barriers than unregistered foreign counterparts.