BitGo secures Korea registration ahead of new rules

• BitGo Korea secured VASP registration from South Korea’s Financial Intelligence Unit on August 18.
• The registration will support planned crypto custody and transfer services for institutions and companies.
• The approval came two days before South Korea introduced stricter checks for VASPs and major shareholders.

BitGo Korea secured virtual asset service provider registration in South Korea on August 18, ahead of stricter rules.

The company plans to offer cryptocurrency custody and transfer services to financial institutions and corporate customers.

“We will focus on connecting global virtual asset infrastructure with the Korean market,” BitGo CEO Mike Belshe said, according to a translation carried by Yonhap.

BitGo Korea was established in 2024 and chose direct registration instead of acquiring an existing registered VASP.

The company did not provide a launch date, supported asset list, custody fees, insurance details or expected custody value.

Hana Financial Group owns 25% of BitGo Korea, while SK Telecom holds a 10% stake in the business.

South Korea’s revised rules now allow regulators to review VASP executives and major shareholders, alongside debt, cybersecurity and anti-money laundering requirements.