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BitGo Korea gets VASP approval as offshore crypto rules tighten
BitGo Korea becomes first foreign crypto subsidiary to directly register in South Korea, as new rules tighten offshore transfers and an exchange dispute highlights friction.
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BitGo Korea secured a Virtual Asset Service Provider (VASP) registration from South Korea's Financial Intelligence Unit, the first time a foreign crypto firm's local subsidiary has been directly approved. Rather than purchasing an existing licensed operator, the company registered its own regulated entity.
Chen Fang, BitGo Korea CEO and BitGo's chief revenue officer, said the approval reflects a "long-term commitment" to the Korean regulatory framework. Abel Seow, managing director and head of APAC sales at BitGo, said the firm sees "growing interest in security alongside local regulatory alignment."
The approval expands institutional custody competition in South Korea, where local players have long dominated. It also shows that foreign crypto firms can enter the market directly by meeting domestic requirements.
BitGo's direct registration sets a precedent for other foreign firms seeking a foothold in South Korea. Previous entrants had to acquire existing licensed operators, a costly and time-consuming process. The FIU's acceptance of BitGo Korea's application signals that the regulator is open to new entrants that meet its standards.