BitGo Korea Becomes First Foreign Crypto Unit to Secure Direct VASP Registration

BitGo has gained regulatory clearance to operate through its South Korean subsidiary after choosing direct registration over acquiring an already licensed local crypto business.

Specifically, South Korea’s Financial Intelligence Unit (FIU) accepted BitGo Korea’s registration as a virtual asset service provider, or VASP. The approval makes the unit the first domestically established arm of an overseas crypto company to receive registration directly.

The company said it chose to meet South Korea’s regulatory requirements directly as part of building a long-term presence in the country. BitGo provides cryptocurrency custody services to institutional clients and is among the industry’s longest-running custodians.

Source: Yonhap