BitGo becomes 1st foreign digital asset entity to secure VASP license
BitGo's Korean unit received regulatory approval to operate as a virtual asset service provider (VASP), becoming the first foreign digital asset company to secure the registration in one of the world's most active crypto markets, the company said Thursday. The Korea Financial Intelligence Unit approved BitGo Korea's registration, allowing the unit to provide digital asset custody and transfer…
BitGo, a digital asset company, has become the first foreign digital asset entity to secure a virtual asset service provider (VASP) license, according to The Korea Times. The Korea Financial Intelligence Unit granted BitGo Korea's registration, enabling the company to offer digital asset custody and transfer services to institutional and corporate clients.
This move provides BitGo with a direct presence in Korea, a market where foreign crypto companies have faced challenges in navigating regulatory requirements. Other overseas operators, such as Binance and OKX, have opted to enter the market through investments in or acquisitions of local operators that already hold VASP registrations.
BitGo's CEO, Chen Fang, stated that the company chose to establish a local venture and complete the VASP registration process directly due to its belief that serving Korean institutions requires a long-term commitment to the market and its regulatory framework.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
