BitGo Korea has secured VASP registration from South Korea's Financial Intelligence Unit, becoming the first local entity owned by an overseas crypto company to complete the process directly. The registration was accepted on August 18, according to Yonhap News Agency. Established in 2024, BitGo Korea chose to meet the country's regulatory requirements through its own entity rather than acquire a company that already held VASP registration.
Regulatory Requirements
The company plans to use the registration to establish cryptocurrency custody and transfer services in South Korea, focusing on financial institutions and corporate customers. BitGo CEO Mike Belshe described the registration as an important step in the company's plan to establish regulated infrastructure in major markets. 'We will focus on connecting global virtual asset infrastructure with the Korean market,' Belshe said.
Market Presence
BitGo's entry into the Korean market has been supported by two large Korean companies, Hana Financial Group and SK Telecom, which acquired stakes in BitGo Korea in 2024. The company's Korean partners are expected to contribute their financial-sector experience and knowledge related to authentication, identity checks, and security. BitGo provides custody, wallets, trading, settlement, staking, and other digital-asset services through entities operating in several jurisdictions, including Europe, Singapore, Dubai, Denmark, and Switzerland.
Regulatory Framework
The Korean approval does not extend the protections or permissions attached to BitGo's US-regulated entity, and services offered in South Korea will remain subject to local rules, customer eligibility requirements, and the authority of Korean regulators. The Financial Services Commission said the revised rules expand regulatory reviews to the chief executive or controlling shareholder of a VASP, and applicants must maintain a debt ratio of no more than 200% and must not have defaulted during the previous three years.
