Bitgo Breaks Into Korea With Hana and SK Telecom in Its Corner

Bitgo Korea secured a Virtual Asset Service Provider registration from the Korea Financial Intelligence Unit on Aug. 18, the company disclosed this week. The approval lets the custodian provide cryptocurrency custody and transfer services to institutional clients in South Korea, including financial institutions, asset managers, corporations and public-sector organizations. It does not permit a retail exchange or won-based trading platform.

Bitgo built its Korean operation from scratch in 2024 rather than buying a local company with an existing VASP license. That meant installing anti-money laundering controls, security systems and operational infrastructure, plus obtaining Information Security Management System certification. The company said it chose the direct route because it believes serving Korean institutions requires a long-term commitment to the market and its regulatory framework.

Two local heavyweights sit on Bitgo Korea's cap table. Hana Financial Group owns about 25% of the joint venture, and SK Telecom controls roughly 10%. Those stakes date to September 2024, following a 2023 digital asset custody agreement between Hana Bank and Bitgo. The partnership pairs Bitgo's custody technology with Hana's financial machinery and SK Telecom's authentication and security capabilities.

South Korea tightened its VASP requirements this month, widening scrutiny of major shareholders and imposing tougher financial soundness, cybersecurity, staffing, internal control and customer protection standards. Under the new rules, applicants face a debt-ratio ceiling of 200% and restrictions tied to defaults in the previous three years. Regulators are also digging deeper into controlling shareholders and corporate leadership. Bitgo's registration was accepted two days before those requirements took effect. The company said its systems were already built around Korea's increasingly demanding compliance standards.

The Korean registration adds another market to Bitgo's regulated footprint, which includes operations in the United States, Singapore, Germany, Dubai and New York. Bitgo reported roughly $63 billion in assets on its platform and $11.8 billion in staked assets during the first quarter of 2026. SK Telecom (SKM) shares are unscored by AlphaScala's proprietary model in the Communication Services sector.

Bitgo has not disclosed a launch date, supported assets, fees or insurance details for its Korean operation. Turning regulatory approval into a functioning custody business comes next.