BitGo Korea Secures VASP Registration in South Korea

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• BitGo said its South Korean unit, BitGo Korea, received acceptance of its VASP registration from the Korea Financial Intelligence Unit.
• The registration covers custody and transfer services for institutional and enterprise clients, not retail customers, according to the company.
• Hana Financial Group and SK Telecom are strategic shareholders in BitGo Korea, BitGo said.

BitGo said its South Korean subsidiary, BitGo Korea, has received acceptance of its Virtual Asset Service Provider registration from the Korea Financial Intelligence Unit, the country’s financial crimes regulator.  BitGo’s Q2 revenue jumped 80% as its loss narrowed, while weaker margins add pressure to its profitability outlook.

The registration allows BitGo Korea to offer virtual asset custody and transfer services. BitGo said the entity is registered to serve institutional and enterprise clients, including financial institutions, asset managers, corporates and public-sector organizations, rather than retail customers.

BitGo said it chose to build BitGo Korea as a new entity rather than acquire an existing, already-licensed VASP. The company said it set up local security, anti-money-laundering, internal-control and operational frameworks as part of the registration process.

Chen Fang, whom BitGo named CEO of BitGo Korea and the company’s global chief revenue officer:

“We chose to establish BitGo Korea locally and complete the VASP registration process directly because we believe serving Korean institutions requires a long-term commitment to the market and its regulatory framework.”

Hana Financial Group and SK Telecom are strategic shareholders in BitGo Korea, BitGo said. The company described their involvement as combining its own digital-asset infrastructure with the two Korean firms’ financial and technology expertise.

BitGo said it also holds regulated licenses or charters in other markets. Those include a national trust charter from the U.S. Office of the Comptroller of the Currency, a trust license from New York’s Department of Financial Services, and licenses in Singapore, Germany and Dubai.

Mike Belshe, BitGo’s CEO and co-founder said:

“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.”

How BitGo’s Entry Compares

BitGo’s direct-registration approach differs from how several other firms have recently entered South Korea’s crypto market, where fiat conversion is limited to a small number of licensed exchanges. A number of deals reported this year have instead involved buying into existing platforms:

BitGo built a new, directly registered entity instead of buying into an existing exchange, the reverse of the route in each of the deals reported above.

Registering a new VASP directly in South Korea has grown harder in recent years. Data compiled by South Korean crypto-legal researchers showed the number of registered VASPs fell from 29 in December 2021 to 27 in January 2026, while the average review time for new applications grew from roughly 11 months in 2024 to about 16 months in 2025, with some applicants waiting more than 600 days for a decision.

Whether BitGo Korea’s direct path becomes more common, or stays the exception in a market consolidating around acquisitions, will depend partly on South Korea’s planned Digital Asset Basic Act. The law is expected to cap any single shareholder at 20% of a VASP, a limit that would reshape the incentives for both foreign entrants and their Korean partners. South Korea recently blocked Polymarket over gambling laws, rejecting its non-custodial and smart contract-based defense.