Crypto
Home›Crypto›Regulation›BitGo Korea gets VASP registration ahead of stricter r…
BitGo Korea gets VASP registration ahead of stricter rules
The Korea Financial Intelligence Unit accepted BitGo Korea’s registration, enabling it to offer custody and transfer services to institutional and enterprise clients two days before South Korea’s tighter VASP requirements began.
BitGo Korea has secured virtual asset service provider, or VASP, registration in South Korea, giving it a regulatory base to offer digital asset custody services to institutional clients. Cointelegraph reports the Korea Financial Intelligence Unit accepted the registration for BitGo’s local entity, allowing it to provide virtual asset custody and transfer services.
BitGo said it set up its South Korean entity rather than acquiring an existing registered provider, and it built security, anti-money laundering, internal control, and operational frameworks tailored to local requirements. The company also noted Hana Financial Group and SK Telecom as strategic shareholders.
The registration was accepted on Tuesday, according to Yonhap News Agency, with the news coming two days before South Korea’s stricter entry requirements for VASPs took effect. The Financial Services Commission said the updated rules expand scrutiny of shareholders and require applicants to meet standards for financial soundness, cybersecurity, internal controls, and AML.