Backed by Hana Financial Group and SK Telecom, BitGo Korea establishes a locally regulated foundation to serve institutional and enterprise clients
BitGo Holdings, Inc. (“BitGo”), the digital asset infrastructure company, announced that BitGo Korea, Inc. (“BitGo Korea”) has received acceptance of its Virtual Asset Service Provider (“VASP”) registration by the Korea Financial Intelligence Unit (“KoFIU”).
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BitGo Korea is the first newly established Korean entity of a global digital asset company to receive VASP registration acceptance for entry into the South Korean market since the country introduced its VASP registration regime under the Act of Reporting and Using Specified Financial Transaction Information. BitGo Korea is registered to provide virtual asset custody and transfer services to institutional and enterprise clients in South Korea.
Rather than entering the market through the acquisition of an existing VASP, BitGo established BitGo Korea and brought its global technology and infrastructure directly to the South Korean market. As part of the registration process, BitGo Korea established local security, anti-money laundering, internal control, and operational frameworks designed to meet applicable Korean regulatory requirements.
Hana Financial Group and SK Telecom are strategic shareholders in BitGo Korea. Their participation brings together BitGo’s global digital asset infrastructure with the financial and technology expertise of two leading Korean institutions.
“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,” said Chen Fang, CEO of BitGo Korea and Chief Revenue Officer of BitGo. “This approval gives us the foundation to serve institutional clients in South Korea through a locally registered entity.”
BitGo Korea plans to focus on institutional and enterprise clients, including financial institutions, asset managers, corporates, public-sector organizations, and other qualified market participants. BitGo Korea is registered to provide virtual asset custody and transfer services to institutional enterprise clients in South Korea.
“Korean institutions are looking for infrastructure that combines institutional-grade security with local support and regulatory alignment,” said Abel Seow, Managing Director and Head of APAC Sales at BitGo. “We believe BitGo Korea gives us a local foundation to serve those institutions with the security, governance, and infrastructure they expect.”
BitGo maintains regulated entities across major financial markets globally, including BitGo Bank & Trust, National Association (“BitGo Bank & Trust”), a national banking association chartered and regulated by the Office of the Comptroller of the Currency; BitGo New York Trust Company, LLC, regulated by the New York Department of Financial Services, BitGo Singapore Pte. Ltd., licensed by the Monetary Authority of Singapore, BitGo Europe GmbH, licensed under MiCAR by Germany’s BaFin, and BitGo entities in Dubai licensed by the Virtual Assets Regulatory Authority.
“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.”
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