BitGo Korea has received virtual asset service provider (VASP) registration from South Korea’s Financial Intelligence Unit, allowing it to operate institutional custody and transfer services. The firm established a local entity rather than acquiring an existing provider, underscoring its commitment to meeting domestic regulatory standards. Strategic shareholders Hana Financial Group and SK Telecom have supported the venture.
The registration was confirmed on Tuesday, just two days before stricter VASP entry rules came into force. The updated requirements, introduced by the Financial Services Commission, mandate compliance with financial soundness, cybersecurity, internal controls, and anti-money laundering protocols. BitGo Korea’s approach reflects a broader trend of international firms adapting to local regulatory frameworks in the crypto sector.
South Korea’s Financial Intelligence Unit has not disclosed further details about the approval process. BitGo Korea did not immediately respond to requests for additional comment. The timing of the registration highlights the urgency faced by foreign firms seeking to operate in the country’s increasingly regulated digital asset market.
The move strengthens BitGo’s position in Asia, where demand for institutional-grade custody solutions has grown amid rising adoption of cryptocurrencies. Hana Financial Group and SK Telecom’s involvement signals confidence in the long-term viability of the firm’s operations in South Korea.
Written by Oliver Grant
Markets Desk
