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BitGo Korea has secured Virtual Asset Service Provider registration from South Korea’s Financial Intelligence Unit, clearing the company to develop institutional crypto custody and transfer services in the country.
The FIU accepted the registration on August 18, two days before stricter VASP entry requirements took effect. BitGo said the approval makes its Korean venture the first newly established local entity owned by a global digital asset company to complete the registration process directly rather than acquire an existing registered operator.
Registration Clears BitGo Korea for Custody and Transfer Services
BitGo established its Korean entity in 2024 and plans to focus on financial institutions, asset managers, corporations, public-sector organizations and other qualified clients.
The company built local cybersecurity, anti-money laundering, internal control and operational systems as part of its registration process. It has not disclosed a commercial launch date, supported assets, custody fees or initial customers.
The approval is a VASP registration rather than authorization to operate a won-based retail crypto exchange. BitGo Korea plans to use the registration for institutional custody and virtual asset transfer services.
BitGo Holds 53% as Hana Financial and SK Telecom Back Venture
BitGo owns 53% of BitGo Korea. Hana Financial Group entities collectively hold 25%, while SK Telecom owns 10%. The Korean venture was established after BitGo and Hana Financial began working together on digital asset custody in 2023. SK Telecom joined the shareholder group in 2024.
BitGo Korea CEO Chen Fang said the company chose to establish its own regulated Korean entity because serving local institutions required a long-term presence rather than entering the market by acquiring an existing VASP.
August 20 Rules Add 200% Debt-Ratio Ceiling for New VASPs
South Korea’s revised VASP registration requirements took effect August 20, expanding scrutiny of service providers, executives and major shareholders.
VASPs must maintain a debt ratio of 200% or below and must not have damaged their credit standing through defaults during the previous three years. The rules also introduce additional qualification requirements for executives and controlling shareholders.
Applicants must also demonstrate adequate staffing and expertise, cybersecurity infrastructure and internal controls for anti-money laundering and user protection.
BitGo Korea’s registration was accepted before those requirements took effect. The company’s next step is moving from regulatory registration toward commercial custody and transfer services for Korean institutional clients.
