BitGo Korea has obtained Virtual Asset Service Provider registration in South Korea, clearing the way for the company to provide custody, management and transfer services for virtual assets to institutional clients in the country.
The approval gives BitGo an entry point into one of Asia’s more demanding crypto regulatory markets. The local venture is backed by Hana Financial Group, which holds about 25%, and SK Telecom, which holds about 10%, according to the company.
Registration completed before stricter regime began
The registration was accepted by the Korea Financial Intelligence Unit two days before tighter VASP requirements took effect this month. That timing is notable because the revised framework increased scrutiny of major shareholders and introduced stricter standards for financial soundness, cybersecurity, staffing, internal controls and customer protection.
BitGo said it had been building its Korean operation since 2024 in preparation for entry. The company said that work included anti-money-laundering controls, security measures, operational infrastructure and Information Security Management System certification.
Institutional focus, not retail trading
With the VASP registration in place, BitGo Korea said it plans to offer custody and intermediation services to institutional customers. The target client base includes financial institutions, asset managers, corporations and public-sector entities.
The company is not positioning the Korean unit as a retail trading venue. It said the business will not provide retail trading or exchange services, drawing a clear line between its intended institutional role and the broader consumer-facing crypto market.
Local partners add financial and security support
BitGo’s Korean expansion is being carried out with support from two established domestic groups. Hana Financial Group brings banking and financial infrastructure, while SK Telecom contributes authentication and security capabilities, according to the company.
BitGo is supplying the custody technology at the center of the venture. Together, the arrangement is intended to create a regulated pathway for institutions seeking virtual asset services in South Korea.
What remains undisclosed
Despite the registration, several operating details have not yet been made public. BitGo Korea has not disclosed launch dates for its services, which digital assets it will support, its fee structure or whether insurance will be offered for the Korean operation.
The next confirmed step is the rollout of institutional services under the new registration. For now, the main certainty is that BitGo has secured regulatory approval to operate in South Korea’s institutional crypto market under the country’s updated VASP framework.
Source: news.bitcoin.com