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

BitGo Korea has received virtual asset service provider registration from the Korea Financial Intelligence Unit, the country’s financial crimes regulator, clearing the way for the firm to offer crypto custody and transfer services to clients in South Korea. The approval places BitGo among a select group of foreign-backed custody firms that have successfully navigated South Korea’s layered licensing requirements, which include mandatory Information Security Management System certification before a company can even file for VASP status. How BitGo got here BitGo Korea did not arrive at this registration as a standalone foreign entity hoping to parachute into Seoul. Hana Financial Group, one of South Korea’s largest banking conglomerates, holds a 25% stake. SK Telecom, the country’s dominant mobile carrier and an increasingly active player in digital infrastructure, owns 10%. Hana Financial Group and SK Telecom came in as shareholders in September 2024. By October of that year, BitGo Korea’s CEO was telling the market that the registration process was on track for completion in 2025. The firm secured preliminary ISMS certification in June 2025, a prerequisite that functions like a back...