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It is legal to own a handgun if you are younger than 21(but "over 18″). The prohibition is against purchase, not possession.(FFL holders may not sell handguns or handgun ammo to persons under 21)
As for "registration" understand that when a firearm is purchased FROM A FEDERALLY LICENSED DEALER, there is a de facto registration thanks to the "background check."
However, this does NOT apply to firearms obtained through transfers from private parties. So, if the gun in question was obtained through a private transfer that took place outside of a legally defined "gun show" there is no registration of any kind.