BitGo Korea wins VASP registration approval backed by Hana Financial Group and SK Telecom
AI Market Summary
Korea's FIU accepted BitGo Korea's VASP registration, enabling institutional custody/transfer services and establishing the first foreign-native custody operator licensed directly under the regime. The approval arrives just before tighter VASP amendments and ahead of potential policy catalysts: fully reserved stablecoin rules and a spot crypto ETF structure where banks act as trustees and subcontract custody to licensed VASPs. This supports regulated onshore rails for institutional crypto exposure.
Impact level
● Medium
Affected assets
BTC/USDT+8.58%
AI Insight · BTC/USDTAI Insight
▲ Bullish
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South Korea’s regulator has accepted BitGo Korea’s Virtual Asset Service Provider registration, clearing it to offer crypto custody and transfer services and making it the first newly established local entity of a global digital-asset firm to pass the process. The unit is backed by Hana Financial Group and SK Telecom, which hold 25% and 10% stakes respectively after partnering from 2023. BitGo has been under pressure as a newly listed company since its January 2026 NYSE debut, with shares sliding from $18 to $6.25 at the Aug. 19 close.
