BitGo Breaks Ground in South Korea with Regulated Crypto Foothold

BitGo Korea has secured a Virtual Asset Service Provider (VASP) registration from the South Korean Financial Intelligence Unit (FIU), allowing it to operate as a regulated entity in the country.

This is the first time a Korean-based subsidiary of a foreign cryptocurrency firm has been registered directly, rather than purchasing an existing licensed operator.

BitGo Korea's CEO and Chief Revenue Officer Chen Fang said this approach reflects 'a long-term commitment' to Korea's regulatory framework.

The approval expands institutional custody competition in South Korea and shows that foreign crypto firms can enter the country directly by meeting domestic requirements.