BitGo becomes 1st foreign digital asset entity to secure VASP license

BitGo's Korean subsidiary has obtained regulatory approval to function as a virtual asset service provider (VASP), marking the first time a foreign digital asset company has secured such a registration in one of the world's leading cryptocurrency markets. The Korea Financial Intelligence Unit granted BitGo Korea's license, enabling the unit to offer digital asset custody and transfer services tailored to institutional and corporate clients.

This development provides BitGo with a direct presence in Korea, a market where overseas crypto firms have faced challenges in meeting regulatory demands. While competitors like Binance and OKX have opted for investments or acquisitions in local entities already holding VASP licenses, BitGo decided to establish its Korean venture directly and complete the VASP registration process independently.

Chen Fang, CEO of BitGo Korea and chief revenue officer of BitGo, attributed this choice to the company's belief that long-term commitment to the market and its regulatory framework is essential for serving Korean institutions.