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 entity to secure a virtual asset service provider (VASP) license in South Korea, marking a significant step in the country's thriving crypto market. The Korea Financial Intelligence Unit granted approval to BitGo Korea, enabling the entity to offer digital asset custody and transfer services primarily to institutional and corporate clients.
This achievement provides BitGo with a strong presence in South Korea, where foreign crypto companies have encountered challenges in meeting regulatory demands. Instead of partnering with local operators already possessing VASP registrations, BitGo chose to establish its Korean venture and complete the VASP registration process independently.
Chen Fang, CEO of BitGo Korea and chief revenue officer of BitGo, emphasized the company's commitment to serving Korean institutions by establishing a long-term presence in the market and adhering to its regulatory framework.
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- BitGo becomes 1st foreign digital asset entity to secure VASP license koreatimes.co.kr
- BitGo Korea secures VASP registration for institutional crypto custody cointelegraph.com
