BitGo has become the first foreign crypto company to obtain VASP status in South Korea
BitGo Korea, the local subsidiary of digital asset infrastructure company BitGo, has received authorization in South Korea to operate as a virtual asset service provider. According to the Korea Herald, the company has become the first foreign firm to obtain this status in the country.
According to BitGo, the Financial Intelligence Unit of South Korea’s Financial Services Commission has approved BitGo Korea’s VASP registration. This allows the company to provide services for the transfer, custody, and management of virtual assets.
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BitGo noted that most foreign companies in this sector acquire Korean operators that already have VASP registration to operate in the country, rather than establishing a new local legal entity. The company explained that the creation of BitGo Korea was driven by the need to directly bring its global technologies and systems to the Korean market.
Among BitGo Korea’s largest shareholders are Hana Financial Group, with a 25% stake, and SK Telecom, with a 10% stake. Both companies have entered into strategic partnerships with BitGo. Chen Fan, CEO of BitGo Korea and Chief Revenue Officer of BitGo, stated that for the global company to operate in Korea over the long term, its technologies and systems must be validated within the local regulatory framework.
