BitGo Korea Secures First Foreign VASP Registration in South Korea

BitGo Korea, a locally registered entity backed by Hana Financial Group and SK Telecom, has become the first foreign entity to secure virtual asset service provider (VASP) registration in South Korea. This milestone marks an important step for institutional adoption of digital assets in the country.

The VASP registration is a prerequisite for custody and related services in South Korea's market. BitGo framed the approval as part of its broader expansion into regulated Asian markets, though it did not specify a launch date for client services.

The company's entry adds another global custodian to a Korean market that has largely been served by domestic firms. This increased competition may strengthen crypto security and encourage institutional investment in South Korea.