BitGo First New Global Crypto Firm to Win Korea VASP License

BitGo Korea secured a VASP registration from South Korea's Financial Intelligence Unit, becoming the first newly established global crypto entity to win direct regulatory approval in the country.

The approval lets BitGo offer crypto custody and transfer services to institutional and enterprise clients. Instead of buying an existing Korean VASP – the route taken by Binance and OKX, which purchased stakes in Gopax and Coinone – BitGo created a local subsidiary and built its compliance systems from scratch.

BitGo Korea has backing from two major Korean companies: Hana Financial Group and SK Telecom. Their involvement gives BitGo access to Korean financial and technology networks, not just a local office. BitGo plans to focus on banks, asset managers, companies and public-sector groups rather than retail traders.

The timing of the approval is significant. From Aug. 20, South Korea is introducing stricter VASP registration and anti-money laundering rules. The new rules will bring closer checks on major shareholders, financial health, management, staff and internal controls.

BitGo CEO Mike Belshe welcomed the approval from KoFIU, calling the process "2 yrs in the making – bringing regulated, cold storage to market."

BitGo already operates regulated businesses in the U.S., Singapore, Germany and Dubai. The Korean approval adds another key market to its global network.

SK Telecom, one of BitGo Korea's backers, lists on the NYSE under SKM. BitGo's entry comes as South Korea raises the bar for crypto firms, a shift that could reshape how global companies approach one of Asia's biggest digital asset markets.