Korea Grants BitGo VASP Approval Amid Tightening Crypto Rules
BitGo Korea has received Virtual Asset Service Provider (VASP) approval from regulatory authorities in South Korea, marking another significant development in the country's tightening of crypto regulations. The move comes as offshore exchanges face stricter rules and increased scrutiny.
According to reports, BitGo Korea, a subsidiary of global cryptocurrency custody firm BitGo, has secured VASP status following an assessment by Korean financial regulators. This approval will enable BitGo Korea to offer its services in the country, including crypto trading, custody, and settlement.
The news comes as offshore exchanges face growing pressure from regulatory bodies, with many forced to tighten their controls or exit the market altogether. The shift towards stricter regulations is seen as a response to concerns over money laundering and terrorist financing risks associated with cryptocurrencies.