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BitGo clears FIU hurdle
BitGo Korea secured a BitGo VASP registration from South Korea’s Korea Financial Intelligence Unit, giving the company a legal green light to offer regulated custody and transfer services to banks, funds, and other institutional clients inside South Korea.
“becoming the first foreign digital asset company to secure the registration”
The Korea Times said the FIU approved BitGo Korea’s registration, allowing the unit to provide digital asset custody and transfer services with a focus on institutional and corporate clients.
The Korea Times also reported that BitGo Korea became the first foreign digital asset company to secure the registration directly in one of the world’s most active crypto markets.
BitGo Korea was established in 2024, and the Korea Times said Hana Financial Group and SK Telecom hold stakes of 25 percent and 10 percent, respectively, in BitGo Korea.
The Cryptonomist stated the registration was effective as of August 20, 2026, aligning BitGo Korea with South Korea’s tightening anti-money laundering rules for transfers to overseas exchanges and self-hosted wallets.
Statements and rule timing
In a statement carried by the Korea Times, BitGo Korea CEO Chen Fang said, "We chose to establish BitGo Korea locally and complete the VASP registration process directly because we believe serving Korean institutions requires a long-term commitment to the market and its regulatory framework."
The Korea Times said the approval gives BitGo a direct foothold in Korea, where foreign crypto companies have struggled to navigate regulatory requirements.
Cointelegraph and TradingView both tied the acceptance to timing ahead of stricter VASP entry requirements, with Cointelegraph saying regulators reportedly accepted the registration on Tuesday, two days before stricter requirements took effect.
TradingView added that the registration was accepted on Tuesday, according to Yonhap News Agency, two days before South Korea’s stricter entry requirements for VASPs took effect.
The Korea Herald quoted Chen Fang saying, "For a global company seeking to operate its business in Korea over the long term, it is essential to have its technology and systems validated within Korea's regulatory framework."
Institutional custody path
With the VASP registration accepted, BitGo Korea said it can provide virtual asset custody and transfer services to institutional and enterprise clients, rather than retail users.
“requiring registered platforms to run internal suspicious-transaction monitoring on transfers of 10 million won or more”
The Korea Times said BitGo Korea plans to focus on institutional and enterprise clients, including financial institutions, asset managers, corporations, public sector organizations and other qualified market participants.
The Cryptonomist reported that South Korea’s Cabinet approved new anti-money laundering controls on August 11 that apply risk-based scrutiny to crypto transfers heading to overseas exchanges or self-hosted wallets, requiring registered platforms to run internal suspicious-transaction monitoring on transfers of 10 million won or more.
The Cryptonomist also said South Korea scrapped its 1 million won threshold for Travel Rule reporting between domestic VASPs, meaning identifying information must now accompany every such transfer regardless of size.
The Korea Times framed the milestone as part of a broader regulatory shift, saying Korea is moving to establish a broader regulatory framework for digital assets as institutional interest in cryptocurrencies grows.
