BitGo Secures VASP Registration in South Korea Amid Tightened Crypto Rules

BitGo has secured VASP registration in South Korea, marking its entry into one of Asia's largest digital asset markets. The approval gives BitGo Korea a local path to serve institutions and allows it to provide crypto custody and transfer services to corporate clients, asset managers, and financial institutions.

Unlike competitors like Binance and OKX, which entered the market by purchasing stakes in existing exchanges, BitGo created its own subsidiary, BitGo Korea. The company built its local compliance and security systems from scratch, making it the first global digital asset firm to secure a VASP license directly from regulatory authorities.

BitGo Korea is backed by two major Korean companies, Hana Financial Group and SK Telecom. This gives BitGo more than just a local office; it connects the company's global crypto infrastructure with Korean financial and technology networks.

The approval comes as South Korea introduces stronger VASP registration and anti-money laundering rules on August 20. With the new registration, BitGo Korea can now offer regulated cold storage services to institutional clients.

BitGo CEO Mike Belshe welcomed the approval, saying 'Excited and proud to announce BitGo Korea! 2 yrs in the making, bringing regulated, cold storage to market.'