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BitGo wins South Korea VASP license to expand custody and transfers
The KoFIU approval covers institutional and enterprise virtual-asset custody and transfer services, with BitGo saying it was built from scratch for local compliance.
BitGo has secured a virtual asset service provider license in South Korea, enabling the company to offer custody and transfer services to institutional and enterprise clients, according to CoinDesk.
BitGo created a locally registered entity, BitGo Korea, rather than acquiring an existing business to inherit licensing. The Korea Financial Intelligence Unit approved the scope for virtual asset custody and transfer services.
The new unit complements BitGo’s other regulated entities in the U.S., Singapore, Germany, and Dubai, the outlet said. CoinDesk noted the move comes as South Korea’s institutional crypto market grows while retail volumes face pressure from a broader crypto downturn.
CoinDesk also reported that BitGo is backed locally by Hana Financial Group and SK Telecom, and that BitGo said it established local security, anti-money laundering, and internal control frameworks as part of building the entity from the ground up.