Bitgo Wins South Korea Approval with Local Operation and Heavyweight Partners

Bitgo has secured regulatory registration to provide cryptocurrency custody and transfer services in South Korea, marking its entry into one of Asia's toughest crypto markets.

The company, which holds a 25% stake from Hana Financial Group and about 10% from SK Telecom, won Virtual Asset Service Provider (VASP) registration on August 18. This allows Bitgo to provide custody, management, and transfer services for virtual assets to institutional clients, including financial institutions, asset managers, corporations, and public-sector organizations.

What sets Bitgo apart is that it built its local operation from scratch in 2024 and pushed the new entity through South Korea's full regulatory gauntlet. This involved installing local anti-money laundering (AML) controls, security systems, and operational infrastructure while securing Information Security Management System certification.

'We chose to establish Bitgo Korea locally and complete the VASP registration process directly because we believe serving Korean institutions requires a long-term commitment to the market and its regulatory framework,' said Bitgo Korea CEO Chen Fang.