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Crypto Regulation News
South Korea’s Korea Financial Intelligence Unit accepted BitGo Korea’s Virtual Asset Service Provider (VASP) registration on Aug. 18, two days before the country’s updated entry requirements for crypto firms took effect
The approval allows BitGo Korea to provide virtual asset custody and transfer services to institutional and enterprise clients in South Korea. BitGo made the announcement on Aug. 20.
South Korea Tightens VASP Entry Standards
BitGo said it built a new local entity rather than acquiring an existing registered provider. The company built its security, Anti-Money Laundering, internal control, and operational frameworks to meet South Korean regulatory standards.
Hana Financial Group and telecommunications company SK Telecom hold strategic shareholdings in BitGo Korea. Both companies are established players in South Korea’s financial and technology sectors.
South Korea’s Financial Services Commission expanded its VASP oversight rules starting Aug. 20. The updated requirements include broader scrutiny of applicants’ shareholders and mandatory compliance with financial soundness, cybersecurity, internal controls, and Anti-Money Laundering standards.
Related Article: South Korea Orders Polymarket Block, Citing Illegal Gambling Laws
BitGo’s decision to establish a new entity, rather than buy a pre-registered firm, distinguishes its market entry from other foreign companies that have entered South Korea through acquisitions. The company said the approach allowed it to build compliance infrastructure suited to local requirements from the start.
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