BitGo Secures VASP License in Korea, First Foreign Entity to Do So

BitGo has secured a Virtual Asset Service Provider (VASP) license in Korea, becoming the first foreign digital asset entity to do so. The company's Korean unit received regulatory approval from the Korea Financial Intelligence Unit, allowing it to provide custody and transfer services for institutional and corporate clients.

The VASP registration gives BitGo a direct foothold in Korea, where foreign crypto companies have struggled to navigate regulatory requirements. BitGo chose to establish its Korean venture locally and complete the VASP registration process directly, citing a long-term commitment to the market and its regulatory framework.

BitGo established its Korean unit in 2024 with investments from Hana Financial Group and SK Telecom. The companies hold stakes of 25% and 10%, respectively, in BitGo Korea. The Korean unit has implemented security, anti-money laundering, internal control, and operational systems to comply with local regulatory 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. The company reported $63 billion of assets on its platform and $11.8 billion of staked assets as of the first quarter of 2026.