BitGo says its Korean unit receives regulatory approval to operate as a virtual asset service provider (VASP), making it the first foreign digital-asset company to secure such a registration in South Korea. The Financial Intelligence Unit approves BitGo Korea’s registration, allowing it to provide custody and transfer services for digital assets.
BitGo says it builds the business through a locally established entity rather than entering the market via investment in or acquisition of a domestic licensed operator. CoinDesk and The Korea Times both report that BitGo Korea focuses on institutional and enterprise clients. The Korea Times adds that this approach is intended to support long-term service to Korean institutions within the country’s regulatory framework, after other overseas operators have taken alternative entry routes such as partnering with or buying stakes in local firms that already hold VASP registrations. CoinDesk also notes BitGo Korea is supported by Hana Financial Group and SK Telecom, framing the license as part of a locally formed effort rather than a transfer of an existing license.
