BitGo Korea received approval from the Korea Financial Intelligence Unit to operate as a virtual asset service provider, becoming the first foreign digital asset company to secure the registration in Korea. The unit will provide digital asset custody and transfer services for institutional and corporate clients. BitGo said the direct registration gives it a foothold in Korea, where foreign crypto companies have often entered through local investments or acquisitions. The company also said it has built security, anti-money laundering, internal control and operational systems to meet local requirements.
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BitGo's Korean unit received regulatory approval to operate as a virtual asset service provider (VASP), becoming the first foreign digital asset company to secure the registration in one of the world's most active crypto markets, the company said Thursday.
The Korea Financial Intelligence Unit approved BitGo Korea's registration, allowing the unit to provide digital asset custody and transfer services, focusing on institutional and corporate clients.
The move gives BitGo a direct foothold in Korea, where foreign crypto companies have struggled to navigate regulatory requirements. Other overseas operators, including Binance and OKX, have instead sought entry through investments in or acquisitions of local operators that already hold VASP registrations.
