BitGo Korea, the South Korean entity of global digital asset infrastructure company BitGo, has secured a Virtual Asset Service Provider (VASP) license from the country’s regulator.

 

The license, issued by the Korea Financial Intelligence Unit, an entity under the Financial Services Commission, allows BitGo to operate as a recognized virtual asset service provider in the country, offering services such as virtual asset custody, transfers, and management.

 

 

“For a global company seeking to operate its business in Korea over the long term, it is essential to have its technology and systems validated within Korea’s regulatory framework,” said Chen Fang, CEO of BitGo Korea and chief revenue officer at BitGo.

 

“We believe BitGo’s VASP registration will go beyond being simply a case of an individual company entering Korea and serve as a model for establishing standards of regulatory compliance and accountability for foreign companies entering the Korean market.”

 

While BitGo is not the only virtual asset service provider in the country, with approximately 29 registered virtual asset providers operating in South Korea, its VASP registration is significant because it marks the first time a foreign company has secured a VASP registration directly.

 

Unlike the usual approach taken by foreign VASPs, which often acquire a local Korean operator, BitGo entered the market directly by securing a VASP registration from South Korea’s Financial Intelligence Unit.

 

In entering the Korean market, BitGo had the support of Hana Financial Group, one of South Korea’s five largest financial holding companies, and SK Telecom, one of the country’s largest telecommunications companies.

 

As major shareholders, Hana Financial Group acquired a 25 percent stake in BitGo, while SK Telecom acquired a 10 percent stake in BitGo Korea.

 

BitGo’s entry into the Korean market comes at a time when the country maintains strict regulations for digital asset firms, with authorities cracking down on violators. This was evident on Monday when South Korean authorities restricted access to Polymarket over the company’s alleged violation of the country’s sports promotion laws.