BitGo has secured Virtual Asset Service Provider (VASP) registration acceptance in South Korea as the country implements stricter regulations for cryptocurrency firms. The approval provides BitGo Korea with a local framework to serve institutional clients and highlights how global digital asset companies are adapting to tighter rules in the region.
South Korea’s Financial Intelligence Unit accepted the registration, enabling BitGo Korea to offer cryptocurrency custody and transfer services to enterprise clients, asset managers, banks, public-sector groups, and financial institutions.
Unlike competitors such as Binance and OKX, which entered the South Korean market by acquiring stakes in existing local exchanges like Gopax and Coinone, BitGo established BitGo Korea as a new entity and built its compliance and security systems from the ground up. This makes it the first newly established local subsidiary of a global digital asset firm to secure a VASP license directly from regulators rather than buying an existing licensed business.
BitGo Korea is supported by major local entities Hana Financial Group and SK Telecom, connecting global infrastructure with South Korean financial and technology networks.
The regulatory approval coincides with South Korea introducing enhanced VASP registration and anti-money laundering regulations. These updated rules enforce closer evaluations of major shareholders, management, financial health, staff, and internal controls.
BitGo CEO Mike Belshe acknowledged the milestone, noting that the initiative took two years to bring regulated cold storage to the market. BitGo currently operates regulated businesses in jurisdictions including the United States, Singapore, Germany, and Dubai.
