BitGo Korea Becomes First Overseas Crypto Entity to Secure VASP Registration

BitGo Korea has secured VASP registration from South Korea's Financial Intelligence Unit, becoming the first local entity owned by an overseas crypto company to complete the process directly.

The FIU accepted BitGo Korea's VASP registration filing on Aug. 18. The company plans to use this registration to establish cryptocurrency custody and transfer services in South Korea, focusing on financial institutions and corporate customers.

Hana Financial owns a 25% stake in BitGo Korea, while SK Telecom holds a 10% stake. This partnership aims to develop an institutional market for digital assets.

BitGo CEO Mike Belshe described the registration as 'an important step' in the company's plan to establish regulated infrastructure in major markets.