BitGo Korea Becomes First Foreign Entity to Secure VASP Registration in South Korea

BitGo Korea said it has received virtual asset service provider registration acceptance in South Korea. In an Aug. 19 announcement, the company described the unit as the first newly established Korean entity of a global digital asset company to reach that milestone.

BitGo Korea was built as a locally registered entity from scratch rather than through acquisition, and is backed by Hana Financial Group and SK Telecom, according to the company. Those backers, a Korean financial group and a major telecom operator, underscore the unit’s orientation toward local institutions.

Why the registration matters

South Korea’s virtual asset service provider registration is a prerequisite for custody and related services in the market. BitGo framed the approval as a step toward serving institutional and enterprise clients in the country, where local regulations require digital asset businesses to register before operating.

The company described the milestone as part of a broader expansion into regulated Asian markets, though it did not specify a launch date for client services.

Institutional custody competition

BitGo’s entry adds another global custodian to a Korean market that has largely been served by domestic firms. The company said the registration allows it to pursue custody and settlement services for institutions, positioning the unit around compliance with local rules rather than retail trading.