BitGo Korea Secures VASP License for Institutional Crypto Custody

MGR Online•Economy•5d ago

Reader Briefing

BitGo Korea has officially received a Virtual Asset Service Provider (VASP) license from South Korean regulators.

•BitGo Korea obtained the VASP license from the Korea Financial Intelligence Unit mid-last week.
•The approval occurred 48 hours before the Financial Services Commission (FSC) implemented stricter VASP regulations.
•Hana Financial Group and SK Telecom joined as strategic shareholders to support the market expansion.
•BitGo Korea's parent company reported total revenue of 4.3 billion US dollars despite a second-quarter loss of 19 million US dollars.

•BitGo Korea established a local legal entity instead of acquiring an existing provider to ensure security and anti-money laundering standards align with local requirements.
•The Korea Financial Intelligence Unit officially approved BitGo Korea's VASP registration mid-last week.
•The VASP license approval was granted 48 hours before the Financial Services Commission (FSC) enforced new, more stringent regulations.
•New South Korean regulations in the year 2026 increase the scrutiny of shareholder backgrounds and set maximum standards for financial stability and cybersecurity.
•Hana Financial Group and SK Telecom have entered as strategic shareholders to increase BitGo Korea's credibility and corporate client network.
•The parent company of BitGo Korea reported total revenue of 4.3 billion US dollars, an 80% increase, despite a second-quarter loss of 19 million US dollars.
•The approval signals the strength of BitGo Korea's corporate infrastructure as regional regulatory changes push substandard players out of the market.

Full article content is available on the original source.

BitGo Korea

A company that obtained a VASP license to provide cryptocurrency custody and transfer services to institutional clients in South Korea.

Korea Financial Intelligence Unit(หน่วยงานข่าวกรองทางการเงินของเกาหลีใต้)

The South Korean agency that officially approved the VASP registration for BitGo Korea.

Hana Financial Groupℹ️

A strategic shareholder in BitGo Korea.

SK Telecomℹ️

A telecommunications giant and strategic shareholder in BitGo Korea.

Financial Services Commission(หน่วยงานกำกับดูแลทางการเงินของเกาหลีใต้)

The South Korean financial regulator that implemented new, stricter VASP regulations.

South Korea(เกาหลีใต้)ℹ️

The country where BitGo Korea is expanding its institutional cryptocurrency services.