BitGo said its South Korean unit, BitGo Korea, had its Virtual Asset Service Provider, or VASP, registration application accepted by the Korea Financial Intelligence Unit on Aug. 18, according to Yonhap News Agency. The company said this makes BitGo Korea the first foreign crypto corporate entity to complete a direct VASP registration process in South Korea.
BitGo Korea was established in 2024. Rather than following a route often used in the industry by acquiring an existing VASP company, BitGo said it chose to enter the market by directly meeting local regulatory requirements. The move sets up the company’s formal business rollout in the country.
Based on that registration step, BitGo Korea plans to launch virtual asset custody and transfer services in South Korea. Its initial business focus will be on financial institutions and corporate clients.
BitGo said its South Korean subsidiary, BitGo Korea, had its Virtual Asset Service Provider (VASP) registration application accepted by the Korea Financial Intelligence Unit (FIU) on Aug. 18, according to Yonhap News Agency. The company said BitGo Korea is the first foreign crypto corporate entity to directly complete a VASP registration process in South Korea.
Direct registration route in South Korea
BitGo Korea was established in 2024. BitGo said it chose to enter the South Korean market by directly meeting regulatory requirements instead of using a path commonly seen in the industry, acquiring an existing VASP company.
Custody and transfer services planned
On the back of that filing step, BitGo Korea plans to formally offer virtual asset custody and transfer services in South Korea, with a business focus on financial institutions and corporate clients.
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