BitGo Breaks New Ground in South Korea with Direct VASP Approval
BitGo has made history by becoming the first global crypto firm to win direct approval as a Virtual Asset Service Provider (VASP) in South Korea. This milestone marks a significant achievement for the U.S.-based custody giant, which has successfully navigated the country's strict regulatory environment without acquiring an existing licensed business.
The approval was granted by South Korea's Financial Intelligence Unit, allowing BitGo Korea to offer regulated crypto custody and transfer services to institutional clients, including banks, asset managers, and public-sector groups. This focus on institutional clients is in line with BitGo's global strategy, which prioritizes corporate, not retail, clients.
The company's direct-registration route sets a new standard for the industry, as other major exchanges have entered the Korean market through acquisitions. BitGo's success demonstrates that building compliance infrastructure from scratch can pay off, especially in jurisdictions with stringent regulations like South Korea.