[Edaily Jung Yoon-yeong Reporter Seo Min-ji] As corporate participation in the virtual asset market expands, the digital asset custody market is also undergoing changes. With the number of companies seeking to hold virtual assets directly expected to rise, it is becoming increasingly important for providers to have management systems in place—beyond simple asset storage—that meet corporate clients’ requirements for accounting, external audits, internal controls, and insurance.

SGA Co.,Ltd(049470), a leading publicly traded digital asset treasury (DAT) company in Korea, recently switched the custodian for its Bitcoin holdings to blockchain infrastructure firm DSR CORP, taking these capabilities into account.

According to an E-Daily report on the 8th, BITPLANET signed a Bitcoin custody agreement with DSR CORP on the 2nd. The company plans to gradually transfer 300 Bitcoins previously held with its previous custodian to DSR CORP and entrust any additional Bitcoins purchased or mined directly in the future to DSR CORP as well.

The key factors BITPLANET considered in switching custodians were the company’s ability to meet the accounting, auditing, and internal control requirements mandated for publicly listed companies. Since it plans to hold Bitcoin as a financial asset over the long term, the company determined that it needed not only secure storage but also a system that allows external verification of actual holdings and transaction history.

BITPLANET, which currently holds 300 bitcoins, aims to increase this to 10,000 in the future. It is also the first listed company in Korea to directly pursue a bitcoin mining business. As its holdings grow, the importance of a management system capable of verifying the existence, ownership, and transaction history of digital assets reflected in financial statements during external audits will increase.

Once the corporate virtual asset market fully opens, it is expected that more companies, like BITPLANET, will select custodians based on criteria such as accounting, auditing, internal controls, and asset protection levels. In particular, for listed companies and financial institutions, a custodian’s security capabilities—as well as its asset verification system and ability to provide compensation in the event of an incident—are likely to be key selection criteria.

The custody industry is also responding by enhancing its asset protection standards. Digital asset custodian Korea Digital Asset (KODA) recently signed a digital asset-specific insurance contract with KB Insurance worth up to $40 million (approximately 60 billion won). This doubles the previous coverage limit of $20 million. The policy compensates for losses incurred when digital assets entrusted by customers are damaged, lost, or stolen.

Considering that the minimum compensation limit for insurance and reserves required of custody operators under the current Virtual Asset User Protection Act is approximately 500 million won, KODA’s coverage exceeds the statutory standard by more than 100 times. In effect, the company has raised its coverage level beyond the statutory requirements to prepare for the custody of large-scale institutional assets.

DSR CORP also signed a digital asset-specific insurance contract with SamsungFire&MarineInsurance last July for up to $20 million. The coverage applies to situations such as the loss of private keys for custodied assets due to disasters—including fire, earthquake, and flood—or external intrusion. In addition, the company is providing relevant materials and procedures to enable external auditors to verify custody records and on-chain data.

Last year, financial authorities announced a roadmap to gradually allow corporations to participate in the virtual asset market. The plan calls for allowing nonprofit corporations and virtual asset exchanges to open real-name accounts for selling purposes in Phase 1, followed by permitting institutional investors—such as listed companies and professional investors—to trade for investment and financial purposes in Phase 2, with the scope eventually expanding to general corporations. However, the Phase 2 opening, which was originally scheduled to take effect last year, has been postponed to date.

Despite the delay in opening the market, financial companies are continuing to invest in custodian firms. Infinite Block, a digital asset custodian serving corporations and institutions, recently completed a Pre-Series A funding round from Sh Suhyup Bank, iM Bank, and telecommunications equipment manufacturer HFR. With Sh Suhyup Bank joining as a new investor and existing shareholder iM Bank making an additional investment, the two banks have become the two largest shareholders, each holding approximately 15%.

There are also signs of a full-scale push into the institutional custody business. BitGo Korea recently completed the registration process as a Virtual Asset Service Provider (VASP) with the Financial Intelligence Unit (FIU) and has officially launched its domestic custody business. BitGo Korea is a domestic subsidiary established by BitGo—a U.S.-based digital asset custody and infrastructure company for institutional clients—in partnership with Hana Financial Group and SKTelecom, with Hana Financial holding approximately a 25% stake. The company plans to first provide custody services to financial institutions, asset management firms, corporations, and public institutions, and then expand its business scope to include wallet solutions and asset transfers.

An industry official stated, “Once corporations begin holding virtual assets such as Bitcoin as financial assets, simply storing them securely is no longer sufficient.” The official added, “The ability to allow external verification of the assets’ existence and transaction history, as well as the capacity to support accounting, auditing, internal controls, and risk management, will be key criteria for selecting a custodian.”