BitGo has secured a virtual asset service provider (VASP) registration in South Korea, becoming the first global digital asset company to establish a new local entity and receive the approval directly, the company said. BitGo Korea’s registration was accepted by South Korea’s Financial Intelligence Unit (KoFIU) on August 18.
The approval allows the company to offer virtual asset custody and transfer services to institutional and corporate clients. BitGo says the move will help connect its global digital asset infrastructure with South Korea’s growing institutional market.
BitGo Korea has received VASP registration acceptance from the Korea Financial Intelligence Unit (KoFIU) 🇰🇷
BitGo has spent more than a decade building infrastructure for institutions globally. We chose to establish a local entity and go through the regulatory process directly… pic.twitter.com/6DSZ4cbMCN
— BitGo (@BitGo) August 20, 2026
The development is notable because several overseas crypto companies have entered South Korea by acquiring stakes in existing local virtual asset businesses. BitGo chose a different route. It established BitGo Korea in 2024 and built the business around South Korea’s regulatory requirements rather than buying an existing VASP.
The company put local security, anti-money laundering, internal control and operating systems in place before going through the regulatory review. It also established an information security management system in line with local requirements.
BitGo Korea is backed by two major South Korean companies, Hana Financial Group and SK Telecom. Their involvement gives BitGo a strong local connection as it looks to expand its digital asset infrastructure business.
The approval comes at an interesting time for South Korea’s crypto market. The country has a large and highly active retail trading community, but the recent global crypto slowdown has affected trading activity and profits at major local exchanges. That has increased attention on the institutional side of the market.
BitGo believes institutions are increasingly looking for secure and regulated infrastructure as they consider entering digital assets. Its Korean business will focus on services such as custody and asset transfers, with the company also planning to expand its institutional digital asset offerings.
South Korea is also tightening the rules for virtual asset businesses. New requirements covering registration and anti-money laundering measures took effect from August 20, just days after BitGo Korea received its VASP registration.
For BitGo, therefore, the timing is significant. The company is entering the market at a point when regulators are demanding stronger controls while institutions are becoming more interested in digital assets.
BitGo CEO Mike Belshe described the approval as an important milestone in the company’s strategy to build regulated digital asset infrastructure in major markets. South Korea, he said, is an important part of BitGo’s Asia-Pacific strategy.
The move could also have wider implications. As products such as crypto ETFs, tokenised securities, real-world assets and stablecoins bring digital assets closer to traditional finance, demand for reliable custody and transfer infrastructure is likely to grow.
BitGo’s entry suggests that the next phase of South Korea’s crypto market may not be driven only by retail traders. Institutional infrastructure could become an equally important part of the country’s digital asset story.
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