BitGo has obtained virtual asset service provider (VASP) registration in South Korea, clearing the way for the digital asset infrastructure company to offer regulated custody and transfer services to institutional clients in the country.

The company said its Korean subsidiary, BitGo Korea, received acceptance of its VASP registration from South Korea's Financial Intelligence Unit on Aug. 18. According to BitGo, the approval marks the first time a global cryptocurrency firm has established a new Korean entity from scratch and secured VASP registration directly. The milestone gives BitGo a regulated foothold in one of Asia's most active cryptocurrency markets, where compliance requirements are becoming more important for firms serving institutional clients.

Institutional Expansion Takes Center Stage

BitGo Korea will focus on financial institutions, asset managers, corporations, public-sector organizations and other qualified institutional customers, with its registration covering virtual asset custody and transfer services.

The company established its Korean operation in 2024 and has received backing from major local partners, including Hana Financial Group and SK Telecom. BitGo said these partnerships could help it connect its global digital asset infrastructure with South Korea's established financial and technology sectors.

BitGo already operates regulated entities across several major markets, including the United States, Singapore, Germany and the United Arab Emirates.

Korea Tightens Crypto Oversight

The approval arrives as South Korea introduces tougher requirements for virtual asset service providers. Revised rules taking effect Aug. 20 strengthen registration standards and expand anti-money-laundering obligations for crypto transfers. The changes also increase scrutiny of major shareholders and require stronger customer due diligence in higher-risk situations. BitGo's registration therefore stands as an important regulatory milestone as the country raises its compliance standards.

For BitGo, the Korean license reinforces its broader expansion across Asia-Pacific, a region the company has identified as a major growth market as banks, asset managers and other institutions increase their involvement in digital assets. The registration also positions BitGo to compete for institutional custody demand as South Korea develops a more formal regulatory framework for cryptocurrency services, with the new rules setting a higher bar for market entrants and existing providers alike.