BitGo Expands in South Korea With First VASP Approval for a Foreign Crypto Firm
Summary
- Global custody firm BitGo said it has obtained a virtual asset service provider (VASP) license in South Korea.
- BitGo said it will use BitGo Korea to meet regulatory requirements directly, build a long-term business base, and launch services for financial institutions and corporate clients.
- Hana Financial Group and SK Telecom hold about 25% and 10% stakes, respectively, and BitGo's CEO said South Korea is a key market in its Asia-Pacific strategy.
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Global custody firm BitGo has obtained a virtual asset service provider, or VASP, license in South Korea.
BitGo said on Aug. 20 that the Financial Intelligence Unit under the Financial Services Commission accepted the VASP registration of its local unit, BitGo Korea, on Aug. 18. The company established BitGo Korea in 2024.
It is the first time a South Korean unit of a foreign crypto company has obtained a VASP license. Foreign crypto firms had previously entered the market by acquiring domestic VASP operators.
BitGo said it chose instead to meet regulatory requirements directly to build a long-term business base in South Korea. It plans to launch services for financial institutions and corporate clients with major shareholders Hana Financial Group and SK Telecom.
Hana Financial co-founded BitGo Korea in 2024 and owns about a 25% stake. SK Telecom holds about 10%.
Chief Executive Officer Mike Belshe said South Korea is an important market in BitGo's Asia-Pacific strategy. He added that the VASP approval is a key milestone in the company's strategy to build crypto infrastructure in major markets in line with regulation.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul