BitGo Korea Obtains VASP License for Institutional Crypto Custody

BitGo Korea has secured a virtual asset service provider registration in South Korea, giving it regulatory approval to offer digital asset custody services to institutional clients. The company announced Thursday that the Korea Financial Intelligence Unit accepted its local entity’s VASP registration, enabling it to provide custody and transfer services for enterprise and institutional customers.

Built From the Ground Up for Korean Compliance

Rather than acquiring an already-registered local provider, BitGo chose to establish its own entity in South Korea, developing security, anti-money laundering, internal control, and operational systems specifically designed to meet local regulatory requirements. Hana Financial Group and SK Telecom serve as strategic shareholders in the new Korean entity.

Timing Beats New Regulatory Deadline

According to reporting from Yonhap News Agency, the registration was formally accepted on Tuesday, just two days before South Korea’s stricter VASP entry requirements officially took effect. Under the updated framework from the country’s Financial Services Commission, applicants now face expanded scrutiny of their shareholders, along with stricter standards covering financial soundness, cybersecurity, internal controls, and anti-money laundering compliance.