BitGo Korea becomes the first foreign crypto custodian subsidiary to obtain direct VASP registration from South Korea's Financial Intelligence Unit.
Regulation & Gov ·
South Korea's Financial Intelligence Unit has granted virtual asset service provider registration to BitGo Korea, marking the first time a locally established subsidiary of a foreign crypto firm has secured the designation through direct application. BitGo operates as an institutional digital asset custodian with longstanding market presence.
Rather than acquiring an existing licensed operator to enter South Korea, BitGo opted to build its own local entity from the ground up. This approach required the company to comply fully with the country's regulatory framework for VASP licensure.
The approval signals South Korea's openness to foreign institutional players establishing compliant operations within its jurisdiction. Details regarding the specific conditions of the registration, implementation timeline, and scope of services BitGo Korea may now offer have not been disclosed.