Korea's Institutional Crypto Market Beckons BitGo
BitGo CEO Mike Belshe says Korea is more than just a retail crypto market, and has significant potential for institutional digital asset adoption. The company's decision to establish its own Korean entity and register as a virtual asset service provider was driven by a desire to build a long-term presence in the country.
BitGo completed its registration with the Financial Intelligence Unit under the Financial Services Commission on August 20, becoming the first foreign crypto company to enter the Korean market through direct registration. Hana Financial Group and SK Telecom hold stakes of 25% and 10%, respectively, in BitGo Korea.
Belshe emphasized that the country's sophisticated financial institutions, advanced technology infrastructure, and growing demand for regulated digital asset services make it an attractive market for institutional crypto adoption.