BitGo Korea Obtains VASP Registration Amid Stricter Crypto Rules

BitGo’s Korean subsidiary has secured acceptance of its Virtual Asset Service Provider registration from the Korea Financial Intelligence Unit, becoming the first global digital asset firm to clear the process under the country’s VASP regime since its introduction. The announcement, made August 19, lands just one day before amendments to Korea’s VASP law take effect, adding statutory definitions for major shareholders and stricter financial, staffing, and internal control requirements.

BitGo Korea will offer custody and transfer services to institutional and enterprise clients, backed by strategic shareholders Hana Financial Group and SK Telecom. The registration was built from the ground up rather than through acquisition, a path less trodden by foreign entrants. The timing reflects a deliberate push to enter before tighter oversight begins, though BitGo Korea must re-report under the amended framework within three months, facing the same heightened rescreening as all existing licensees.

This development underscores the growing institutional appetite for regulated digital asset services in Asia, with traditional finance and telecom giants placing a two-year bet on BitGo’s infrastructure.