BitGo Gains Regulatory Entry Into South Korea’s Crypto Market

TLDR

• BitGo Korea received VASP registration acceptance from the Korea Financial Intelligence Unit.
• The approval allows BitGo to offer crypto custody and transfer services to institutional and enterprise clients.
• BitGo established a new local entity instead of acquiring an existing registered South Korean provider.
• Hana Financial Group and SK Telecom are strategic shareholders in BitGo Korea.
• The expansion adds South Korea to BitGo’s regulated presence across the U.S., Singapore, Germany, and Dubai.
• BitGo shares jumped 16% on Wednesday and gained another 3.2% in pre-market trading.

BitGo has received approval to provide crypto custody services in South Korea through BitGo Korea. The move gives the NYSE-listed crypto custody company access to institutional clients in an active Asian digital asset market.

The Korea Financial Intelligence Unit accepted BitGo Korea’s Virtual Asset Service Provider registration. The approval allows the company to serve financial institutions, asset managers, corporations, public-sector groups, and other qualified clients. It does not permit exchange operations.

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