BitGo Enters South Korea as First Global Firm to Secure New VASP Status

BitGo has secured VASP registration acceptance in South Korea just as the country is raising the bar for crypto firms. The approval gives BitGo Korea a local path to serve institutions, while its direct entry could also show how global crypto companies are preparing for stricter rules in one of Asia’s biggest digital asset markets.

South Korea Approves BitGo Korea as VASP

South Korea’s Financial Intelligence Unit has accepted BitGo Korea’s VASP registration, allowing the company to provide crypto custody and transfer services to institutional and enterprise clients.

What makes the move different is how BitGo entered the market. While competitors like Binance and OKX entered South Korea by purchasing stakes in existing local exchanges (Gopax and Coinone).

Instead of buying an existing Korean VASP, the company created BitGo Korea and built its local compliance and security systems from the start.

This makes it the first newly established local subsidiary of a global digital asset firm to secure a VASP license directly from regulatory authorities rather than acquiring an existing licensed business

Hana and SK Telecom Add Local Support

BitGo Korea is also backed by two major Korean companies, Hana Financial Group and SK Telecom. Their involvement gives BitGo more than a local office. It connects the company’s global crypto infrastructure with Korean financial and technology networks.

BitGo plans to focus on banks, asset managers, companies, public-sector groups and other institutional clients rather than mainly targeting retail traders.

Approval Comes as Korea Tightens Crypto Rules

The timing of the approval is also important. From August 20, South Korea is introducing stronger VASP registration and anti-money laundering rules. The new rules will bring closer checks on major shareholders, financial health, management, staff and internal controls.

With the new registration, BitGo Korea can now officially offer crypto custody and transfer services to corporate clients, asset managers and financial institutions.

BitGo CEO Mike Belshe welcomed the approval from KoFIU, saying the company is

“Excited and proud to announce BitGo Korea!  2 yrs in the making – bringing regulated, cold storage to market.”

BitGo already operates regulated businesses in major markets, including the U.S., Singapore, Germany and Dubai. The Korean approval now adds another key market to its global network.