BitGo Korea secures direct VASP registration milestone

BitGo Korea secures VASP registration, becoming the first directly established foreign crypto firm to do so in South Korea, enabling institutional custody and transfer services ahead of new regulations.

BitGo Korea has become the first directly established foreign crypto subsidiary to receive Virtual Asset Service Provider (VASP) registration from South Korea's Financial Intelligence Unit (KoFIU). This milestone is supported by major backers Hana Financial Group and SK Telecom. BitGo Korea developed its compliance framework from the ground up, securing ISMS certification, implementing anti-money laundering controls, and conducting internal security audits. The VASP registration enables BitGo Korea to provide custody, transfer, and management services to institutional and enterprise clients, including banks, asset managers, corporates, and public-sector organizations. Retail traders are not included in these services. This achievement positions BitGo as a key institutional gateway into South Korea’s highly regulated crypto market. Notably, BitGo established a new entity rather than acquiring an existing licensed operator, setting it apart from other foreign entrants. The registration comes ahead of stricter VASP and anti-money laundering regulations set to take effect on August 20, 2026.