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

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