Key facts
- BitGo Korea secured a Virtual Asset Service Provider (VASP) registration in South Korea.
- This makes BitGo Korea the first foreign firm to obtain a direct VASP license without acquiring an existing operator.
- The registration was granted by South Korea's Financial Intelligence Unit (FIU) on August 18, 2026.
- BitGo Korea can now offer institutional digital asset custody, transfer, and management services.
- Hana Financial Group and SK Telecom are strategic shareholders in BitGo Korea.
Global digital asset infrastructure firm BitGo Holdings has achieved a significant regulatory milestone in Asia with its South Korean subsidiary, BitGo Korea, securing a Virtual Asset Service Provider (VASP) registration. The approval, granted by South Korea's Financial Intelligence Unit (FIU) on August 18, 2026, makes BitGo Korea the first locally established subsidiary of a foreign crypto company to obtain this status directly, rather than through acquisition.
BitGo Korea established its compliance framework from scratch, meeting requirements for ISMS certification, AML controls, internal security audits, and financial health standards. The company's strategic shareholders include Hana Financial Group with approximately 25% ownership and SK Telecom with roughly 10%. This combination of global custody expertise and local infrastructure provided a strong compliance foundation.
The timing of the registration is critical, as stricter VASP entry rules, including expanded major-shareholder scrutiny and a debt-ratio cap, took effect just two days later. BitGo CEO Mike Belshe described the approval as an important milestone in the company's strategy to build compliant virtual asset infrastructure in key markets. Chen Fang, CEO of BitGo Korea, emphasized the importance of validating technology within Korea's regulatory framework for serving local institutions.
With the VASP registration, BitGo Korea can now legally offer virtual-asset custody, transfer, and management services to financial institutions, corporations, and asset managers. This positions the firm as a key institutional gateway in South Korea's tightly regulated crypto market, which has seen increased compliance requirements enacted under the Virtual Asset User Protection Act. The move aligns with a global trend of traditional financial giants building compliant crypto custody rails.