BitGo Korea Gets VASP Approval to Offer Crypto Custody Services in South Korea

Highlights:

• BitGo Korea has secured VASP approval to expand its services to local users in South Korea.
• The approval allows BitGo to offer services, such as asset custody and transfer services, to companies in the country.
• Companies that will benefit from BitGo’s new license approval include asset managers, public-sector organizations, and other qualified market participants. 

South Korea’s subsidiary of BitGo has received regulatory approval to expand its digital asset services to South Korean users. The trading platform confirmed the authorization in a press release on Wednesday. According to the announcement, the nation’s Financial Intelligence Unit (KoFIU) approved BitGo’s registration as a regulated Virtual Asset Service Provider (VASP) in South Korea.

The approval means that BitGo can now provide services such as asset custody and transfer services to institutional and enterprise users in the country. These include financial companies, asset managers, public-sector organizations, and other qualified market participants. 

BitGo has two major strategic shareholders in South Korea. They include Hana Financial Group and SK Telecom. These companies will bring new layers of financial and technological expertise to BitGo’s already existing digital asset infrastructure.

The cryptocurrency exchange described the approval as a huge achievement because the company did not enter South Korea by buying an already existing firm with a VASP registration. Instead, the company established BitGo Korea as a new local business and underwent the rigorous registration process. 

As part of the process to secure KoFIU’s approval, BitGo Korea ensured local systems were in place to cover security, anti-money laundering controls, internal operations, and other requirements under South Korean regulations.

🇰🇷 한국, 안녕하세요!

BitGo Korea has received acceptance of its VASP registration from the Korea Financial Intelligence Unit.

We are excited to be the first newly established Korean entity of a global digital asset company to achieve this milestone, establishing a local,… pic.twitter.com/y5gQuIWzM9

— BitGo (@BitGo) August 20, 2026

BitGo Korea Highlights Reasons for Selecting South Korea as Its Expansion Hub

Chen Fang, the Chief Executive Officer (CEO) of BitGo Korea and Chief Revenue Officer at BitGo, said the company chose to expand its Korean business locally because it wants to make a long-term commitment to the South Korean market and its regulatory system. 

The CEO added:

“This approval gives us the foundation to serve institutional clients in South Korea through a locally registered entity.”  

Abel Seow, BitGo’s Managing Director and Head of APAC sales, added more context to the CEO’s statement. He explained that South Korean institutions are seeking crypto infrastructure that offers strong security, provides local support, and meets regulatory requirements.

BitGo Chain of Businesses Continues to Expand Globally

BitGo noted that its Korean subsidiary will add to its growing network of regulated businesses in major financial markets. Currently, the trading platform operates BitGo Bank & Trust, a national banking association regulated by the United States Office of the Comptroller of the Currency (OCC).

The company operates BitGo New York Trust Company, regulated by the New York Department of Financial Services. It also operates BitGo Singapore, licensed by the Monetary Authority of Singapore. In addition, BitGo’s European business, BitGo Europe GmbH, is licensed under the Markets in Crypto-Assets Regulation (MiCAR) by Germany’s BaFin. 

BitGo’s regulated business has also expanded in Dubai under the region’s Virtual Assets Regulatory Authority. Meanwhile, the company’s CEO and co-founder Mike Belshe stated that the South Korean registration supports the company’s wider plan to provide regulated digital asset infrastructure across major markets.

The CEO stated:

“Digital assets are becoming part of the global financial infrastructure, and institutions need partners that can operate within the regulatory frameworks of the markets they serve. BitGo Korea’s VASP registration is an important milestone in our strategy to build regulated digital asset infrastructure in key markets.” 

BitGo is the cornerstone of the Middle East’s digital asset evolution. Through BitGo Custody MENA FZE, our VARA-licensed hub in Dubai, we provide the premium custody and staking services that the region’s fintech capital demands.

In a market defined by ambition and speed, BitGo… pic.twitter.com/yhA08PY2Fd

— BitGo (@BitGo) January 7, 2026