[비즈한국] BitGo, a global digital asset infrastructure firm invested in by Hana Financial Group, has secured Virtual Asset Service Provider (VASP) status in Korea. By establishing a domestic entity with investments from Hana Financial and SKT and successfully completing its VASP registration, BitGo has laid the foundation to launch digital asset custody services for domestic institutions and corporations. Attention is now focused on the current status of Hana Financial's digital asset business, which has now secured infrastructure for custody, following its ventures into KRW-pegged stablecoins and exchanges.
On the 20th, BitGo Korea, the domestic subsidiary of BitGo, announced that it had completed its VASP registration with the Financial Intelligence Unit (FIU). This marks the first instance of a foreign digital asset company entering Korea, establishing a local entity, and directly acquiring VASP status. Launched in 2013, BitGo is a global company providing virtual asset infrastructure such as digital asset custody and staking, and it was listed on the New York Stock Exchange (NYSE) this past January.
Starting with its VASP registration, BitGo Korea plans to develop services for institutions and corporations within Korea. Through social media, BitGo explained, “With the VASP approval, we have established a regulatory foundation to provide services in Korea. We can now offer virtual asset storage and transfer services to institutional and corporate clients. We have been building infrastructure for global institutions for over 10 years, and we chose the route of establishing a local entity and going through regulatory procedures to support our clients in the long term.”
In order to conduct virtual asset business in Korea, VASP registration is mandatory under the Act on Reporting and Using Specified Financial Transaction Information (Special Financial Transaction Act). Requirements for registration include an Information Security Management System (ISMS) certification, real-name verified withdrawal/deposit accounts, no history of legal violations by the business (including representatives, executives, and major shareholders), financial soundness, social credit, and the securement of personnel and organization to ensure compliance with relevant laws like the Special Financial Transaction Act. For foreign companies, acquiring VASP status has been difficult due to complex governance structures or legal issues.
Hana Financial, an investor in BitGo Korea, stated that it would expand its digital asset business in phases following the news of the VASP registration. In response to the legislation of virtual assets, Hana Financial signed a strategic memorandum of understanding (MOU) with BitGo in 2023 and co-founded BitGo Korea with SKT in 2024. As of the end of 2025, Hana Financial holds a 24.7% stake in BitGo Korea, while SKT holds 10%.
Hana Financial stated, “As the convergence between digital assets—such as virtual asset ETFs, security tokens, real-world assets (RWA), and stablecoins—and traditional finance accelerates, the importance of custody infrastructure for storing and managing digital assets will be further highlighted. We will combine the global-level security technology and operational know-how accumulated by BitGo with our group’s asset and risk management capabilities.”
Hana Financial has been actively responding to market changes centered on digital assets. In his 2026 New Year's address, Ham Young-joo, Chairman of Hana Financial Group, emphasized, “Establishing coin issuance, reserve management, and security systems based on stability and trust is not enough. We must complete a coin distribution network by securing various points of use through partnerships with diverse domestic and international partners for real-life integration. We must also take the lead in designing and building an ecosystem that flows through coin issuance, distribution, and circulation by linking AI technology and cooperating with government policies.”
In fact, Hana Financial is preparing through various avenues, such as collaborating with or investing in foreign companies to take the lead in the digital asset market. In March, it conducted payment marketing for foreign visitors to Korea in collaboration with Circle, the issuer of the US dollar stablecoin (USDC), and the global virtual asset exchange Crypto.com. This was followed by an MOU with the UK’s Standard Chartered Group to cooperate in the digital asset sector. Standard Chartered is proactively expanding its business in Europe, including the launch of digital asset custody services and institutional spot trading of virtual assets.
Earlier this year, it became the first among the four major financial holding companies (KB Kookmin, Shinhan, Hana, and Woori) to form a consortium for the creation of a KRW stablecoin ecosystem. The consortium has been joined by iM Financial Group, BNK Financial Group, OK Savings Bank, and SC First Bank. To build infrastructure for the KRW stablecoin, it invested 1 trillion won in Dunamu last May, securing a 6.55% stake and becoming its fifth-largest shareholder. With the addition of BitGo Korea, the group is now also positioned to respond to the entry of corporations into the digital asset market.
At an earnings conference call held last January, Chairman Ham expressed his commitment to expanding the digital asset business, stating, “I believe we can find new growth opportunities in stablecoins. We cannot create opportunities just by issuing coins; we must move toward leading the market.”
However, it appears it will take time for Hana Financial and BitGo Korea to secure a dominant position in the digital asset custody market. This is because the market is still in its early stages, and Korea Digital Asset (KODA), in which KB Kookmin Bank participates, currently holds an 80-90% market share.
Furthermore, several other companies have already entered the space, such as Korea Digital Asset Custody (KDAC), which counts Shinhan Bank and NH Nonghyup Bank as participants, and AhnLab Blockchain Company (ABC). Upbit, the nation's No. 1 KRW virtual asset exchange, also launched its institutional custody service (Upbit Custody) in 2025. An industry official projected, “Corporate investment in virtual assets is still restricted. Once the third phase of virtual asset legislation is prepared and corporate investment is fully permitted, the market will begin to grow in earnest.”