BitGo Korea secures VASP registration for institutional crypto custody

cointelegraph2026-08-20 tarihinde yayınlandı2026-08-20 tarihinde güncellendi

Özet

BitGo Korea has obtained virtual asset service provider (VASP) registration from South Korea's Financial Intelligence Unit, enabling it to offer institutional digital asset custody and transfer services. The company established a local entity, building security, anti-money laundering, internal control, and operational frameworks tailored to South Korean regulations. Strategic shareholders include Hana Financial Group and SK Telecom. The registration was accepted just before stricter new VASP entry requirements, which expand shareholder scrutiny and mandate financial soundness, cybersecurity, and compliance standards, took effect in the country.

BitGo Korea has secured a virtual asset service provider (VASP) registration in South Korea, providing a regulatory foundation to offer digital asset custody services to institutions.

On Thursday, BitGo announced that the Korea Financial Intelligence Unit accepted its local entity’s VASP registration, allowing it to provide virtual asset custody and transfer services to institutional and enterprise clients.

The company said it established the local entity instead of acquiring an existing registered provider and said it had built security, anti-money laundering, internal control and operational frameworks tailored to South Korean requirements.

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

The registration was accepted on Tuesday, according to Yonhap News Agency, two days before South Korea’s stricter entry requirements for VASPs took effect.

According to the country’s Financial Services Commission, the updated rules expand scrutiny of shareholders and require applicants to satisfy financial soundness, cybersecurity, internal control and AML standards.

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

Related: BitGo posts $19M Q2 loss despite 80% revenue surge to $4.3B

İlgili Sorular

QWhat is the significance of BitGo Korea securing VASP registration?

AIt provides a regulatory foundation for BitGo Korea to offer digital asset custody services to institutions in South Korea, allowing it to provide virtual asset custody and transfer services to institutional clients in compliance with local laws.

QHow did BitGo establish its presence to operate in South Korea's crypto market?

ABitGo established a local entity (BitGo Korea) instead of acquiring an existing registered provider, building security, anti-money laundering, internal control, and operational frameworks tailored to South Korean regulatory requirements.

QWhich strategic shareholders are involved in BitGo Korea?

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

QWhy was the timing of BitGo's VASP registration acceptance particularly important?

AThe registration was accepted two days before stricter entry requirements for Virtual Asset Service Providers (VASPs) took effect in South Korea, which would have made the process more demanding.

QWhat are some key areas of scrutiny under South Korea's updated rules for VASP applicants?

AThe updated rules expand scrutiny of shareholders and require applicants to satisfy standards related to financial soundness, cybersecurity, internal control, and anti-money laundering (AML).

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