BitGo Breaks Ground with VASP License in South Korea

BitGo Korea, a unit of BitGo, has become the first foreign digital asset entity to secure a virtual asset service provider (VASP) license from the Korea Financial Intelligence Unit. This allows the company to provide digital asset custody and transfer services for institutional and corporate clients in South Korea.

The VASP registration process gives BitGo a direct foothold in Korea, where foreign crypto companies have often entered through local investments or acquisitions. Other overseas operators, including Binance and OKX, have instead sought entry through investments in or acquisitions of local operators that already hold VASP registrations.

BitGo established its Korean venture in 2024 and secured investments from Hana Financial Group and SK Telecom. The companies hold stakes of 25 percent and 10 percent, respectively, in BitGo Korea. BitGo said at the time that the partnership was expected to facilitate engagement with regulators and the broader Korean market.

The company has built security, anti-money laundering, internal control and operational systems to meet local requirements. BitGo Korea plans to focus on institutional and enterprise clients, including financial institutions, asset managers, corporations, public sector organizations and other qualified market participants.