BitGo becomes first foreign crypto firm to win Korean license

BitGo Korea, the local unit of global digital asset infrastructure company BitGo, has received approval from South Korean regulators to operate as a virtual asset service provider here, making it the first foreign player to earn the status.

According to the company, the Financial Intelligence Unit under the Financial Services Commission approved BitGo Korea's VASP registration, allowing it to provide services including virtual asset transfers, custody and management.

While most foreign virtual asset companies opt to acquire an existing Korean operator with the VASP license to operate here, rather than setting up a new local entity, BitGo said the establishment was necessary to bring its global technology and systems directly to the Korean market.

Hana Financial Group and SK Telecom are among BitGo Korea's major shareholders. Having acquired stakes of 25 percent and 10 percent, respectively, the two companies formed strategic partnerships with BitGo.

"For a global company seeking to operate its business in Korea over the long term, it is essential to have its technology and systems validated within Korea's regulatory framework," said Chen Fang, CEO of BitGo Korea and Chief Revenue Officer at BitGo.

"We believe BitGo’s VASP registration will go beyond being simply a case of an individual company entering Korea and serve as a model for establishing the standards of regulatory compliance and accountability for foreign companies entering the Korean market."