South Korea’s financial regulator granted BitGo Korea VASP registration ahead of stricter entry rules effective this week.
BitGo Korea secured virtual asset service provider registration from South Korea’s Korea Financial Intelligence Unit, enabling institutional crypto custody services. The approval came two days before stricter VASP entry requirements took effect, expanding scrutiny on shareholders and operational standards.
The registration allows BitGo Korea to offer custody and transfer services to institutional clients, backed by security and anti-money laundering frameworks tailored to local regulations. Strategic shareholders include Hana Financial Group and SK Telecom. The updated rules require applicants to meet financial soundness, cybersecurity, and internal control standards.
BitGo reported an $19M Q2 loss despite an 80% revenue surge to $4.3B, highlighting growth challenges in the sector.