Bitgo Korea has successfully secured regulatory registration to provide cryptocurrency custody and transfer services to institutional clients in South Korea. The Korea Financial Intelligence Unit accepted the company's Virtual Asset Service Provider (VASP) registration on August 18.
The registration allows Bitgo Korea to offer custody, management, transfer services, and related intermediation targeting financial institutions, asset managers, corporations, and public-sector organizations. However, the approval does not grant permission to operate a retail cryptocurrency exchange or a won-based trading platform.
Rather than acquiring an existing registered company, Bitgo built its local operation from scratch in 2024, implementing local anti-money laundering controls, security systems, and operational infrastructure while obtaining Information Security Management System certification.
Bitgo Korea is supported by significant local partnerships. South Korean financial giant Hana Financial Group owns approximately 25% of the joint venture, while SK Telecom controls about 10%. These stakes stem from agreements initiated between 2023 and 2024.
The regulatory approval comes just as South Korea implements tighter VASP requirements, which impose stricter financial soundness, cybersecurity, staffing, and internal control standards, alongside a debt-ratio ceiling of 200% for applicants.
Bitgo has not yet disclosed a formal launch date, supported assets, fee schedules, or insurance details for the new Korean operation. The company currently reports regulated footprints across the United States, Singapore, Germany, Dubai, and New York.
