BitGo has secured virtual asset service provider registration in South Korea, opening the door for the digital asset infrastructure company to provide regulated custody and transfer services to institutional clients.
BitGo said its Korean subsidiary, BitGo Korea, received acceptance of its VASP registration from South Korea’s Financial Intelligence Unit on Aug. 18. The company described the move as the first time a global cryptocurrency firm has established a new Korean entity from scratch and secured VASP registration directly.
The development gives BitGo a regulated foothold in one of Asia’s most active cryptocurrency markets.
Institutional Expansion Takes Center Stage
BitGo Korea will focus on financial institutions, asset managers, corporations, public-sector organizations and other qualified institutional customers. Its registration covers virtual asset custody and transfer services.
The company established its Korean operation in 2024 and has received backing from major local partners, including Hana Financial Group and SK Telecom. The partnerships could help BitGo connect its global digital asset infrastructure with South Korea’s established financial and technology sectors.
BitGo already operates regulated entities across several major markets, including the United States, Singapore, Germany and the United Arab Emirates.
Korea Tightens Crypto Oversight
The approval arrives as South Korea introduces tougher requirements for virtual asset service providers. Revised rules taking effect Aug. 20 strengthen registration standards and expand anti-money-laundering obligations for crypto transfers.
The changes also increase scrutiny of major shareholders and require stronger customer due diligence in higher-risk situations. Therefore, BitGo’s registration provides an important regulatory milestone as the country raises its compliance standards.
For BitGo, the Korean license strengthens its broader expansion across Asia-Pacific. The company has identified the region as a major growth market as banks, asset managers and other institutions increase their involvement in digital assets.
The registration also positions BitGo to compete for institutional custody demand as South Korea develops a more formal regulatory framework for cryptocurrency services.
