BitGo Korea Secures VASP Registration for Institutional Custody

BitGo Korea has received a virtual asset service provider (VASP) registration from the Korea Financial Intelligence Unit, allowing it to provide virtual asset custody and transfer services to institutional and enterprise clients in South Korea. The registration was accepted on Tuesday, two days before South Korea’s stricter VASP entry requirements took effect.

BitGo set up a separate local entity rather than acquiring an existing registered provider. BitGo developed security, anti-money-laundering, internal control and operational frameworks to meet South Korean regulatory requirements. The approval permits the local unit to operate as a regulated custodian and transfer service provider under South Korean law.

Hana Financial Group and SK Telecom are listed as strategic shareholders in BitGo Korea. The Financial Services Commission’s updated rules raise scrutiny of shareholders and require applicants to demonstrate financial soundness, cybersecurity measures, internal controls and AML compliance.

The Korea Financial Intelligence Unit is responsible for accepting VASP registrations while the Financial Services Commission sets entry requirements and supervisory standards. With registration in place, BitGo Korea may proceed to onboard institutional clients and provide regulated custody and transfer operations within the South Korean market.