BitGo Korea has secured virtual asset service provider (VASP) registration from South Korea’s Financial Intelligence Unit (FIU), marking a significant step in the company’s plans to build regulated digital-asset infrastructure for institutional clients in the country.
According to Yonhap News Agency, the FIU, which operates under South Korea’s Financial Services Commission (FSC), accepted BitGo Korea’s registration on Aug. 18.
The approval makes BitGo Korea the first Korean subsidiary of an overseas crypto company to obtain VASP registration directly, rather than entering the market by acquiring an already registered local operator.
BitGo Korea Targets Institutional Custody
BitGo Korea was established in 2024 and chose to pursue regulatory registration through its own corporate entity.
The company plans to use the approval to provide digital-asset custody and transfer services in South Korea, with an initial focus on financial institutions and corporate customers rather than retail cryptocurrency trading.
BitGo has not yet disclosed when the Korean services will launch or provided details on supported assets, custody fees, insurance arrangements or expected assets under custody.
BitGo CEO Mike Belshe described the registration as an important step toward connecting the company’s global digital-asset infrastructure with South Korea.
The registration, however, does not mean BitGo Korea has received a general banking license or authorization to operate a won-denominated retail crypto exchange. South Korea’s VASP framework is a registration regime focused on virtual-asset activities and compliance requirements.
Hana Financial and SK Telecom Back the Venture
BitGo’s expansion into South Korea has been supported by major Korean corporate partners.
Hana Financial Group acquired a 25% stake in BitGo Korea in 2024, while SK Telecom acquired a 10% interest and became a strategic partner.
Hana had already begun working with BitGo on cryptocurrency custody services in 2023. Its involvement in the Korean venture brings financial-sector expertise, while SK Telecom contributes capabilities related to authentication, identity verification and security.
The partnership forms part of Hana’s broader expansion into digital assets.
The financial group has also explored areas including tokenized deposits, stablecoins, cryptocurrency custody and blockchain-based payment infrastructure.
BitGo previously said its Korean partners would help develop an institutional digital-asset market in the country. The latest registration announcement did not confirm whether Hana, SK Telecom or their subsidiaries will become customers of the newly registered entity.
BitGo Expands Its Regulated Global Footprint
Founded in the United States in 2013, BitGo provides digital-asset custody, wallet infrastructure, trading, settlement, staking and related services across multiple jurisdictions.
The company has pursued regulatory approvals in several major financial markets. Its European operations include authorization from Germany’s Federal Financial Supervisory Authority under the Markets in Crypto-Assets framework, while BitGo also maintains regulated operations in jurisdictions including Singapore, Dubai, Denmark and Switzerland.
In the United States, BitGo has separately expanded its regulated banking infrastructure.
The company received approval from the Office of the Comptroller of the Currency (OCC) to convert its state-chartered trust company into a national trust bank.
That structure can support regulated custody, fiduciary and certain asset-servicing activities under federal supervision. It is different from a conventional commercial bank that accepts ordinary insured deposits and provides traditional consumer loans.
BitGo also makes clear that digital assets held through its U.S. custody operations are not protected by FDIC or SIPC insurance.
The regulatory status of its U.S. entities does not automatically extend to its Korean operations. BitGo Korea will remain subject to South Korean laws, regulatory requirements and customer eligibility rules.
South Korea Tightens VASP Requirements
BitGo Korea’s registration comes as South Korea introduces stricter requirements for companies seeking to operate as virtual-asset service providers.
Updated rules taking effect Aug. 20 expand regulatory scrutiny to include the chief executive and controlling shareholders of VASPs.
Where a company is the largest shareholder, regulators can also examine its own largest shareholder and representative.
The revised framework introduces additional financial and governance requirements. Applicants must maintain a debt ratio of no more than 200%, while companies with certain recent defaults, insolvency histories or regulatory sanctions may be denied registration.
Executives must also meet the qualifications required under South Korea’s financial-sector governance rules.
In addition, applicants must demonstrate adequate staffing, cybersecurity capabilities, physical infrastructure and internal controls covering anti-money-laundering obligations and customer protection.
South Korea Tightens Oversight of Overseas Exchanges
The country has also increased enforcement against foreign crypto platforms serving Korean users without appropriate registration.
South Korean authorities have previously targeted overseas exchanges and wallet providers operating without VASP approval. Access through major distribution channels, including Google Play, has also been subject to registration requirements for platforms targeting Korean customers.
The government is simultaneously strengthening monitoring of cryptocurrency transfers.
Under the revised framework, South Korea plans to eliminate the existing 1 million won threshold for Travel Rule checks between registered domestic VASPs.
That means sender information would need to accompany transfers between registered Korean virtual-asset providers regardless of the transaction amount.
Transfers involving overseas exchanges or personal wallets will continue to be permitted under risk-based conditions.
Six months after the revised rules are formally implemented, registered VASPs will also be required to report certain overseas transfers of 10 million won or more to the FIU.
Institutional Crypto Infrastructure Enters a New Phase
BitGo’s Korean registration highlights the increasing importance of regulated custody and infrastructure as South Korea develops its digital-asset market.
Rather than competing primarily for retail trading volumes, BitGo is positioning itself around institutional custody, asset transfers and regulated digital-asset infrastructure.
The move also reflects a broader shift in the crypto industry, where global firms are increasingly seeking local regulatory approvals before offering institutional services in major markets.
For BitGo, South Korea provides access to a sophisticated technology and financial market, while the company’s local partnerships with Hana Financial and SK Telecom provide established relationships and infrastructure.
With stricter VASP requirements now taking effect, BitGo Korea’s successful registration could give the company an early position in South Korea’s expanding institutional digital-asset market.
