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BitGo and Hana Bank to Launch Digital Asset Custody Services in South Korea, Navigating Evolving Crypto Regulations

CryptoBitGo and Hana Bank to Launch Digital Asset Custody Services in South Korea, Navigating Evolving Crypto Regulations

BitGo, a leading digital asset custody provider, is partnering with South Korea’s Hana Bank to introduce digital asset custody (DAC) services in South Korea. This collaboration, anticipated to launch in the latter half of 2024, aims to navigate South Korea’s evolving crypto regulatory landscape.

BitGo recently concluded a Series C funding round, securing $100 million and achieving a valuation of $1.75 billion. In addition to DAC services, BitGo and Hana Bank are considering a potential joint venture that combines Hana Bank’s financial expertise and compliance capabilities with BitGo’s proficiency in crypto security.

This announcement coincided with Korea Blockchain Week and signifies a significant development in South Korea’s crypto strategy. The partnership seeks to bolster trust and consumer protection within South Korea’s rapidly growing digital asset market.

South Korea has been actively regulating its crypto sector, with recent legislation passing 19 bills related to crypto. These bills grant supervisory authority to the Financial Services Commission and the Bank of Korea over crypto operators and asset custodians. The legislation also provides the authorities with the ability to penalize unfair virtual asset trading practices.

Under this emerging regulatory framework, Hana Bank and BitGo aim to enhance trust and consumer protection. BitGo also plans to establish an office in South Korea next year to comply with local regulations and pursue global expansion.

Founded in 2013, BitGo is a key player in digital financial infrastructure, holding accreditations from regulatory bodies in the United States, Switzerland, and Germany. The company offers a range of services, including wallet solutions, custody, staking, and trading, serving approximately 1,500 organizations across 50 countries.

Hana Bank, on the other hand, brings extensive financial expertise and compliance knowledge to the partnership. This collaboration aligns with the bank’s vision to diversify its offerings and tap into the growing popularity of digital assets.

The partnership between BitGo and Hana Bank has the potential to significantly impact the digital asset market, both in South Korea and globally. By leveraging their respective strengths, the two entities aim to enhance consumer trust and safety in digital assets, reshaping the landscape of crypto management and custody.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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