BitGo Korea Obtains VASP Status for Institutional Crypto Asset Custody

cryptonews.ruPublished on 2026-08-20Last updated on 2026-08-20

Abstract

BitGo Korea, the local subsidiary of the digital asset custodian, has obtained a Virtual Asset Service Provider (VASP) license in South Korea. The approval from the country's Financial Intelligence Unit establishes a regulatory framework for the company to offer crypto custody and transfer services to institutional and corporate clients. The company established a new local legal entity rather than acquiring an existing VASP and developed its security, AML, internal control, and operational systems to meet Korean requirements. Strategic shareholders include Hana Financial Group and SK Telecom. The registration was approved just days before stricter South Korean VASP rules came into effect, which expand shareholder scrutiny and require compliance with standards for financial soundness, cybersecurity, internal controls, and anti-money laundering.

BitGo Korea has obtained the status of a Virtual Asset Service Provider (VASP) in South Korea, creating a regulatory foundation for the custody of crypto assets for institutional clients.

On Thursday, BitGo announced that the Korean Financial Intelligence Unit approved the registration of its local legal entity as a VASP. The company will be able to provide institutional and corporate clients with virtual asset custody and transfer services.

The company stated that it established a local legal entity instead of acquiring an already registered provider and also developed security systems, anti-money laundering measures, internal controls, and operational mechanisms tailored to South Korean requirements.

Hana Financial Group and telecommunications company SK Telecom are strategic shareholders of BitGo Korea.

The registration was approved on Tuesday, according to Yonhap News Agency, two days before South Korea's stricter VASP requirements came into effect.

According to the country's Financial Services Commission, the updated rules expand shareholder reviews and require applicants to meet standards for financial soundness, cybersecurity, internal controls, and anti-money laundering.

BitGo did not immediately respond to Cointelegraph's request for additional details.

Related: BitGo Reported a $19 Million Loss in Q2 Despite an 80% Revenue Increase to $4.3 Billion

end-content

Related Questions

QWhat is the core news in this article regarding BitGo Korea?

ABitGo Korea has obtained the status of a Virtual Asset Service Provider (VASP) in South Korea, which establishes a regulatory basis for providing crypto asset custody services to institutional clients.

QWhich South Korean regulatory body approved BitGo Korea's VASP registration?

AThe registration was approved by South Korea's Financial Intelligence Unit.

QWho are the strategic shareholders of BitGo Korea mentioned in the article?

AHana Financial Group and the telecommunications company SK Telecom are strategic shareholders of BitGo Korea.

QWhy was the timing of BitGo Korea's VASP approval significant according to the article?

AThe approval came just two days before stricter VASP requirements took effect in South Korea.

QWhat do South Korea's updated VASP rules expand and require from applicants?

AThe updated rules expand shareholder scrutiny and require applicants to meet standards for financial soundness, cybersecurity, internal controls, and anti-money laundering measures.

Related Reads

AI Revenue Doubles for 12 Consecutive Quarters, This Time Alibaba Isn't Just Telling a Story

Alibaba's AI-related product revenue reached 12.38 billion yuan this quarter, maintaining triple-digit year-on-year growth for 12 consecutive quarters, while cloud business growth accelerated to 45%. Through open-sourcing weights and multi-scale models, Qwen is expanding developer coverage. Alibaba is translating model influence into cloud computing demand, with AI commercialization moving from concept to financial reports.

6m ago

AI Revenue Doubles for 12 Consecutive Quarters, This Time Alibaba Isn't Just Telling a Story

6m ago

Alibaba Cloud's 45% Growth Steals the Spotlight: BABA's Most Important New Story Begins to Materialize

For BABA, the key going forward is not just about launching more powerful models, but also converting model usage into cloud revenue, and ultimately ensuring that revenue growth outpaces cost growth. Twelve consecutive quarters of high AI product growth and this quarter’s 45% cloud growth at least prove that the first step has already happened. Short-term profit pressure should not be overlooked, but Alibaba is rewriting the market’s valuation approach with an AI business that can be verified by financial figures.

8m ago

Alibaba Cloud's 45% Growth Steals the Spotlight: BABA's Most Important New Story Begins to Materialize

8m ago

South Korean lawmakers seek expanded FIU powers over unregistered crypto firms

A group of South Korean lawmakers has introduced a bill to expand the Financial Intelligence Unit's (FIU) investigative powers over unregistered crypto businesses. The proposed amendment would allow the FIU to directly investigate and analyze alleged violations, file complaints, and request criminal probes, rather than relying solely on police. Currently, police have suspended most investigations into unregistered overseas-based firms referred by the FIU. Crypto firms serving South Korea must register, with 28 registered and 40 suspected illegal operators referred to authorities as of June.

cointelegraph26m ago

South Korean lawmakers seek expanded FIU powers over unregistered crypto firms

cointelegraph26m ago

Trading

Spot
活动图片