Global digital asset infrastructure firm BitGo Holdings has achieved a regulatory milestone in Asia after South Korea’s Financial Intelligence Unit officially accepted the BitGo Korea VASP registration on August 18, 2026. The approval makes BitGo Korea the first locally established subsidiary of a foreign crypto company to win this status directly, without acquiring an existing licensed Korean operator.
BitGo established BitGo Korea in 2024 and built its compliance framework from scratch, securing Information Security Management System certification, anti-money laundering controls, internal security audits, and meeting financial health standards. Hana Financial Group holds approximately 25% of BitGo Korea, while SK Telecom holds roughly 10%.
The acceptance came just ahead of stricter VASP entry rules that took effect on August 20, 2026. The new regulations expand major-shareholder scrutiny, impose a 200% debt-ratio cap on applicants, and tighten fit-and-proper tests.
BitGo CEO Mike Belshe described the approval as an important milestone in the company's strategy to build virtual asset infrastructure in compliance with regulations in key markets. Chen Fang, CEO of BitGo Korea and BitGo’s Chief Revenue Officer, emphasized that validating technology inside Korea’s regulatory framework was essential for serving local institutions.
With the registration secured, BitGo Korea can legally offer virtual-asset custody, transfer, and management services to financial institutions, corporations, and asset managers in South Korea. The development arrives as South Korea's institutional crypto market experiences heightened compliance standards following the enactment of the Virtual Asset User Protection Act in mid-2024.
