BitGo Korea secures VASP registration for institutional crypto custody
Regulators reportedly accepted BitGo Korea’s registration on Tuesday, two days before stricter VASP entry requirements took effect.
South Korea's financial intelligence unit has accepted BitGo Korea's virtual asset service provider (VASP) registration, enabling the company to offer digital asset custody services to institutions. This move comes two days before stricter VASP entry requirements took effect, as reported by the Yonhap News Agency. BitGo Korea established its local entity, rather than acquiring an existing registered provider, in order to meet South Korea's specific security, anti-money laundering, internal control, and operational frameworks.
Strategic shareholders in BitGo Korea include Hana Financial Group and telecommunications company SK Telecom. The updated rules require applicants to demonstrate financial soundness, cybersecurity, internal control, and AML standards.
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