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BitGo Korea Wins VASP Registration in First for Foreign Crypto Firm
South Korea’s Financial Intelligence Unit (FIU) has accepted BitGo Korea’s virtual asset service provider (VASP) registration, making it the first locally established subsidiary of a foreign crypto company to obtain the status directly.
BitGo, one of the industry’s oldest and largest institutional crypto custodians, said it chose to establish a local entity and meet South Korea’s regulatory requirements rather than enter the market by acquiring an existing licensed operator.
