BitGo Korea first foreign crypto company with VASP status in South Korea

BitGo Korea has become the first subsidiary of a foreign crypto company to obtain a VASP registration directly in South Korea. The Korean financial regulator approved the registration on 18 August. BitGo deliberately chose a local approach and obtained the status without acquiring an existing, already licensed company.

In brief:

• South Korea’s Financial Intelligence Unit (FIU) has approved BitGo Korea’s VASP registration.
• BitGo Korea is the first local subsidiary of a foreign crypto company to obtain this status directly.
• BitGo wants to offer crypto custody and transfer services to financial institutions and corporate clients in South Korea.

VASP registration approved by Korean FIU

The Financial Intelligence Unit, a division of the Korean Financial Services Commission, approved BitGo Korea’s registration on 18 August. The company announced this on 20 August via news agency Yonhap News.

BitGo Korea was founded in 2024. Other foreign crypto companies previously chose a different route to enter the Korean market, namely by acquiring an already licensed entity. BitGo completed the registration process itself and complied directly with Korean regulations.

Custody services for financial institutions in the spotlight

With the VASP registration secured, BitGo Korea wants to expand its crypto custody and transfer services. The company is focusing on financial institutions and corporate clients in South Korea.

CEO Mike Belshe says the approval fits within BitGo’s broader strategy to operate in key markets within the applicable regulations. His goal is to connect BitGo’s global crypto infrastructure to the Korean market. South Korea is known as one of the largest crypto markets in the world, but it also enforces strict registration requirements for virtual asset providers, as previously became evident when the country blocked Polymarket over gambling concerns.