BitGo Korea Becomes First New Korean Entity Established by a Global Digital Asset Company to Secure VASP Registration in South Korea

BitGo Korea Becomes First New Korean Entity Established by a Global Digital Asset Company to Secure VASP Registration in South Korea

Backed by Hana Financial Group and SK Telecom, BitGo Korea establishes a locally regulated foundation to serve institutional and enterprise clients

BitGo Holdings, Inc. (NYSE: BTGO) (“BitGo”), the digital asset infrastructure company, today announced that BitGo Korea, Inc. (“BitGo Korea”) has received acceptance of its Virtual Asset Service Provider (“VASP”) registration by the Korea Financial Intelligence Unit (“KoFIU”).

BitGo Korea is the first newly established Korean entity of a global digital asset company to receive VASP registration acceptance for entry into the South Korean market since the country introduced its VASP registration regime under the Act of Reporting and Using Specified Financial Transaction Information. BitGo Korea is registered to provide virtual asset custody and transfer services to institutional and enterprise clients in South Korea.

Rather than entering the market through the acquisition of an existing VASP, BitGo established BitGo Korea and brought its global technology and infrastructure directly to the South Korean market. As part of the registration process, BitGo Korea established local security, anti-money laundering, internal control, and operational frameworks designed to meet applicable Korean regulatory requirements.