BitGo Secures South Korea VASP Licence
BitGo Korea has secured Virtual Asset Service Provider (VASP) registration acceptance from South Korea’s Korea Financial Intelligence Unit (KoFIU). The approval makes BitGo Korea the first newly established Korean entity of a global digital asset company to receive VASP registration directly.
The registration was accepted on August 18, 2026. Moreover, it allows BitGo Korea to provide virtual asset custody and transfer services to institutional and enterprise clients.
BitGo Builds Korean Operations From Scratch
BitGo took a direct route into the South Korean market. Instead of acquiring an existing VASP, the company established BitGo Korea and developed its local regulatory infrastructure.
As part of the process, BitGo Korea established local security, anti-money laundering, internal control, and operational frameworks. These measures were designed to meet South Korean regulatory requirements.
Furthermore, BitGo Korea was established in 2024. The company now plans to focus on financial institutions, asset managers, corporates, public-sector organisations and other qualified market participants.
Hana Financial Group and SK Telecom serve as strategic shareholders in BitGo Korea. Their participation connects BitGo’s digital asset infrastructure with established Korean financial and technology networks.
Chen Fang, CEO of BitGo Korea and Chief Revenue Officer of BitGo, said: “We chose to establish BitGo Korea locally and complete the VASP registration process directly because we believe serving Korean institutions requires a long-term commitment to the market and its regulatory framework. This approval gives us the foundation to serve institutional clients in South Korea through a locally registered entity.”
Institutional Crypto Market Gains Focus
The approval comes as South Korea strengthens its requirements for virtual asset service providers. On August 11, the Financial Services Commission announced revised rules covering VASP registration and anti-money laundering obligations.
Under the revised framework, VASPs face stricter requirements for financial soundness, management qualifications and organisational capacity. They must also maintain suitable computing systems and physical infrastructure for cybersecurity.
In addition, the rules strengthen internal controls for anti-money laundering and user protection. The updated framework also expands customer due diligence requirements for higher-risk transactions and customers.
Therefore, BitGo’s direct registration carries significance beyond market entry. The company completed its local registration process just before the tougher requirements took effect on August 20.
Abel Seow, Managing Director and Head of APAC Sales at BitGo, said: “Korean institutions are looking for infrastructure that combines institutional-grade security with local support and regulatory alignment. We believe BitGo Korea gives us a local foundation to serve those institutions with the security, governance, and infrastructure they expect.”
BitGo Expands Regulated Global Footprint
The South Korean registration adds another regulated market to BitGo’s international network. The company maintains regulated entities in the United States, Singapore, Germany, and Dubai.
Meanwhile, BitGo is positioning its Korean operation around institutional digital asset infrastructure. The company intends to provide custody and transfer services rather than focus primarily on retail cryptocurrency trading.
South Korea has one of Asia’s most active digital asset markets. Consequently, the institutional segment offers an important opportunity as financial firms and corporations examine regulated cryptocurrency infrastructure.
Mike Belshe, CEO and Co-founder of BitGo, said: “Digital assets are becoming part of the global financial infrastructure, and institutions need partners that can operate within the regulatory frameworks of the markets they serve. BitGo Korea’s VASP registration is an important milestone in our strategy to build regulated digital asset infrastructure in key markets and strengthens our ability to support institutions globally.”
Ultimately, BitGo’s South Korean entry gives institutional clients a locally registered provider for digital asset custody and transfers. At the same time, the move demonstrates how global crypto infrastructure firms are adapting their expansion strategies to increasingly detailed national regulatory frameworks.
