BitGo Korea has secured a virtual asset service provider (VASP) registration in South Korea, enabling the company to provide digital asset custody and transfer services to institutional and enterprise clients.
The Korea Financial Intelligence Unit approved the local entity’s registration on Tuesday, two days before stricter VASP entry requirements took effect. The updated rules require applicants to meet financial soundness, cybersecurity, internal control and anti-money laundering standards, with heightened scrutiny of shareholders.
BitGo Korea established its local entity rather than acquiring an existing registered provider, implementing security, AML, internal control and operational frameworks aligned with South Korean regulatory demands. Hana Financial Group and SK Telecom are listed as strategic shareholders in the venture.
The registration comes as BitGo reported a $19 million net loss in the second quarter despite an 80% revenue increase to $4.3 billion.
