BitGo Korea, a virtual asset custody firm in which Hana Financial Group has invested approximately 25%, has completed its virtual asset service provider (VASP) registration with the Korea Financial Intelligence Unit (FIU) under the South Korean Financial Services Commission and formally launched its domestic operations. Sh Suhyup Bank has also acquired a stake in custody firm Infinibloc, and with existing shareholder iM Bank making an additional capital contribution, the two banks have each secured approximately 15% ownership, becoming joint second-largest shareholders. Following commercial banks, regional banks and specialized banks are now joining the race to secure “crypto vaults.”

Custody is a service that stores and manages private…