BitGo Korea secures VASP registration for institutional crypto services

BitGo Korea has received Virtual Asset Service Provider (VASP) registration from the Korea Financial Intelligence Unit, making it the first newly established local entity of a global digital asset firm to achieve this status in South Korea.

Unlike many competitors that enter the market by acquiring existing licensed companies, BitGo built its Korean operation from the ground up. This process involved implementing local anti-money laundering (AML) controls and securing Information Security Management System (ISMS) certification to meet the country's strict regulatory requirements.

The registration enables BitGo Korea to provide digital asset custody, management, and transfer services. The company is specifically targeting institutional and enterprise clients, including financial institutions, asset managers, and public-sector organizations, rather than retail trading.

BitGo Korea is supported by significant local strategic shareholders: Hana Financial Group holds approximately 25% of the joint venture, and SK Telecom holds about 10%.