Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
BitGo becomes 1st foreign digital asset entity to secure VASP license
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By Lee Yeon-woo
BitGo's Korean unit received regulatory approval to operate as a virtual asset service provider (VASP), becoming the first foreign digital asset company to secure the registration in one of the world's most active crypto markets, the company said Thursday.
The Korea Financial Intelligence Unit approved BitGo Korea's registration, allowing the unit to provide digital asset custody and transfer services, focusing on institutional and corporate clients.
The move gives BitGo a direct foothold in Korea, where foreign crypto companies have struggled to navigate regulatory requirements. Other overseas operators, including Binance and OKX, have instead sought entry through investments in or acquisitions of local operators that already hold VASP registrations.
"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," Chen Fang, CEO of BitGo Korea and chief revenue officer of BitGo, said in a statement.
BitGo established its Korean venture in 2024 and secured investments from Hana Financial Group and SK Telecom. The companies hold stakes of 25 percent and 10 percent, respectively, in BitGo Korea. BitGo said at the time that the partnership was expected to facilitate engagement with regulators and the broader Korean market.
The Korean unit has established security, anti-money laundering, internal control and operational systems to comply with local regulatory requirements, according to BitGo.
BitGo Korea plans to focus on institutional and enterprise clients, including financial institutions, asset managers, corporations, public sector organizations and other qualified market participants.
Korea is moving to establish a broader regulatory framework for digital assets as institutional interest in cryptocurrencies grows. The shift is also increasing demand for secure custody infrastructure, with large pools of digital assets presenting attractive targets for hackers and cybercriminals. Custody providers offer regulated storage, transfer and other infrastructure aimed at reducing operational and security risks for institutional investors.
BitGo reported about $63 billion of assets on its platform and $11.8 billion of staked assets as of the first quarter of 2026. The figures fluctuate with cryptocurrency prices.
"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," said Mike Belshe, CEO and co-founder of BitGo. "BitGo Korea's VASP registration is an important milestone in our strategy to build regulated digital asset infrastructure in key markets and strengthens our ability to support institutions globally."