BitGo Korea gets VASP approval as offshore crypto rules tighten – Details

BitGo secured a regulated foothold in South Korea after the Financial Intelligence Unit (FIU) accepted BitGo Korea’s Virtual Asset Service Provider (VASP) registration.

The approval makes the first time that a Korean-based subsidiary of a foreign cryptocurrency firm has been registered as such directly.

Rather than purchasing an existing licensed operator, BitGo was able to register with the FIU, thereby creating their own regulated infrastructure.

Chen Fang, BitGo Korea CEO and BitGo Chief Revenue Officer, said the approach reflects a “long-term commitment” to Korea’s regulatory framework.

Supporting the move, Abel Seow, Managing Director and Head of APAC Sales at BitGo, stated that there is growing interest in security alongside local regulatory alignment.

All together, the approval expands institutional custody competition while showing foreign crypto firms can enter South Korea directly by meeting domestic requirements.

HTX-Kraken compliance dispute deepens

As BitGo builds regulated infrastructure for institutions, another exchange dispute shows how those same compliance systems can affect ordinary fund transfers.

HTX, which has been under scrutiny over address poisoning, said its internal review found no official accounts involved in address-poisoning transfers reported by users.