BitGo has received approval from the Korea Financial Intelligence Unit (KoFIU) to register its South Korean subsidiary as a Virtual Asset Service Provider (VASP).
BitGo Korea can provide virtual asset custody and transfer services to institutional enterprise clients, including financial institutions, asset managers, corporates, public-sector organisations, and other qualified market participants.
According to the firm, BitGo Korea is the first newly established regional entity of a digital asset company to be registered as a VASP in South Korea since the country introduced the regime.
As part of the compliance process, BitGo Korea established local security, anti-money laundering, internal control, and operational frameworks designed for applicable South Korean regulatory requirements.
Hana Financial Group and SK Telecom are strategic shareholders in BitGo Korea, intended to add a degree of regional expertise from two South Korean institutions.
Regarding the approval, Chen Fang, CEO of BitGo Korea and chief revenue officer of BitGo, says: “We chose to establish BitGo Korea locally and complete the VASP registration process directly because we believe serving Korean institutions requires a long-term commitment to the market and its regulatory framework.”
Abel Seow, managing director and head of APAC sales at BitGo, comments: “Korean institutions are looking for infrastructure that combines institutional-grade security with local support and regulatory alignment.
“We believe BitGo Korea gives us a local foundation to serve those institutions with the security, governance, and infrastructure they expect.”
Mike Belshe, CEO and co-founder of BitGo, adds: “BitGo Korea’s VASP registration is an important milestone in our strategy to build regulated digital asset infrastructure in key markets and strengthens our ability to support institutions globally.”
BitGo’s latest regulatory approval adds to its current authorisations: BitGo Bank & Trust, BitGo New York Trust Company, BitGo Singapore, BitGo Europe, and its Dubai-regulated entities.
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