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.

 

Brazil’s central bank, Banco Central do Brasil, has banned the use of cryptocurrencies and stablecoins for settling cross border payments in regulated systems.

 

The ban follows the issuance of Resolution BCB No. 561, which amends Brazil’s foreign exchange rules. Under the amendment, regulated electronic foreign exchange (eFX) systems in the country will no longer be able to use virtual assets to settle cross border payments and remittances.

 

While this does not outright ban the use of cryptocurrencies for cross border transfers, the rule restricts their use in foreign exchange settlements. The measure was introduced to strengthen regulatory supervision and oversight and will take effect on October 1, 2026.

 

This restriction comes shortly after Resolutions BCB 519, 520, and 521 took effect on February 2, 2026. Although the framework was initially published in November last year, it requires all Virtual Asset Service Providers (VASPs), including crypto exchanges and wallet providers, to obtain a Sociedade Prestadora de Serviços de Ativos Virtuais (SPSAV) license from Brazil’s authorities before they can legally operate in the country. Non compliant companies must shut down if they fail to secure the license within a nine month grace period.

 

The State of Crypto in Latin America

Crypto adoption in Latin America continues to grow strongly. In 2025, the region saw a 60% increase in regional transaction volume, reaching nearly $730 billion.

 

Since many countries in Latin America have been hit by the harsh effects of inflation, stablecoins have become a backbone for many in the region, acting as digital dollars for households and businesses, and accounting for about 80-90% of the total annual transaction volume in several countries.

 

Brazil continues to lead crypto adoption in Latin America, accounting for about one third of the total crypto transaction volume in the region, followed by Argentina and Mexico. Through the acquisition of Simpaul in 2025, a Brazilian brokerage firm, Binance became the first global exchange to become a broker dealer in the country, allowing it to expand its financial offerings.

 

Crypto asset manager Hashdex also launched XRPH11, the world's first spot XRP ETF in Brazil, which was later listed on B3, Brazil’s stock exchange.