BitGo Korea received acceptance of its virtual asset service provider registration from the Korea Financial Intelligence Unit on Aug. 18, two days before South Korea’s tougher crypto entry rules took effect, allowing the entity built from scratch in 2024 to offer institutional custody, management, transfer and intermediation services without retail exchange or won-based trading powers. Hana Financial Group holds about 25% and SK Telecom about 10% of the joint venture, stakes set in September 2024 after a 2023 Hana Bank–BitGo custody agreement, pairing BitGo’s custody technology with local banking infrastructure and telecom authentication and security capabilities. BitGo Korea CEO Chen Fang framed the direct registration path as a long-term commitment to Korea’s regulatory framework, citing local anti-money-laundering, security and Information Security Management System controls needed to safeguard client keys. Updated VASP tests include a 200% debt-ratio ceiling, three-year default screens and deeper shareholder scrutiny; BitGo has not disclosed a Korean launch date, supported assets, fees or insurance, and reported about $63 billion in platform assets and $11.8 billion staked in the first quarter of 2026 across its wider regulated footprint.