BitGo Korea Obtains VASP Registration in South Korea Ahead of Regulatory Tightening for Institutional Investors
BitGo Korea, the South Korean subsidiary of digital asset infrastructure provider BitGo, has obtained VASP (Virtual Asset Service Provider) registration from the South Korean FSC (Financial Services Commission). The approval date is August 18, 2026 (Tuesday), just two days before the entry review for VASPs becomes stricter on August 20.
With this registration, BitGo Korea will be able to provide cryptocurrency custody and remittance services to institutional investors and corporate clients in South Korea. As regulatory tightening approaches, BitGo chose to obtain registration directly through a newly established local entity rather than acquiring existing operators.
Direct Registration through Local Entity Without Relying on Acquisitions
BitGo Korea was established in 2024. While there are methods to enter the South Korean market through investments in or acquisitions of local companies that already have VASP registration, BitGo opted to meet regulatory requirements and obtain registration independently.
According to the company, this is the first case of a global digital asset firm establishing a new local entity in South Korea and obtaining VASP registration directly. BitGo Korea has built its security, AML (Anti-Money Laundering), internal controls, and operational systems in accordance with South Korean regulatory requirements.
Supporting this foundation is collaboration with major South Korean companies. In 2024, Hana Financial Group acquired 25% of BitGo Korea's shares, and SK Telecom acquired 10%, participating as strategic shareholders. With Hana Financial Group's strength in the financial sector and SK Telecom's expertise in authentication, identity verification, and security, they are establishing a framework for local business operations.
Mike Belshe, CEO of BitGo, indicated that this registration is an important step in the company's plan to build regulated infrastructure in major markets.
Approval Just Before Regulatory Tightening, Stricter Review from August 20
Immediately after BitGo Korea obtained its registration, the entry review for VASPs in South Korea was tightened starting August 20 (Thursday). The revised rules expand the review targets to include CEOs and controlling shareholders, and financial soundness, cybersecurity, internal controls, and AML systems will be more rigorously checked.
Applicants are required to maintain a debt ratio of 200% or lower and not have defaulted on debts in the past three years. Internal management systems, including appropriate personnel, physical infrastructure, and customer protection, will also be subject to review.
On the other hand, this registration is specifically for custody and remittance services aimed at institutional investors and corporate clients, and does not imply that operations of a won-denominated cryptocurrency exchange for individual investors are permitted.
BitGo operates under regulation in the United States, Singapore, Germany, Dubai, and other locations. With the acquisition of registration in South Korea, the company adds a new market to its regulated business operations.
-- Price
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