BitGo Korea secures VASP registration ahead of new rules

BitGo Korea has secured VASP registration from South Korea’s Financial Intelligence Unit, becoming the first local entity owned by an overseas crypto company to complete the process directly. Summary The FIU accepted BitGo Korea’s VASP registration filing on Aug. 18. BitGo Korea plans to provide custody and transfer services to institutions and companies. Hana Financial owns 25% of the business, while SK Telecom holds a 10% stake. Stricter registration checks covering VASPs and major shareholders took effect on Aug. 20. Yonhap News Agency reported on Aug. 20 that the Financial Intelligence Unit, an agency under South Korea’s Financial Services Commission, had accepted BitGo Korea’s virtual asset service provider registration two days earlier. BitGo Korea plans institutional custody services Established in 2024, BitGo Korea chose to meet the country’s regulatory requirements through its own entity rather than acquire a company that already held VASP registration, according to the Yonhap report. The company plans to use the registration to establish cryptocurrency custody and transfer services in South Korea. BitGo said its local business will focus on financial institutions and corp...