BitGo becomes first global crypto firm to secure South Korea VASP license

BitGo secures South Korea’s first global crypto custody license

BitGo, a company that provides secure storage for cryptocurrencies, has become the first global crypto firm to receive a virtual asset service provider (VASP) license in South Korea. This license allows BitGo to offer custody and transfer services to institutional and enterprise clients in the country.

The approval was granted by South Korea’s Korea Financial Intelligence Unit (KoFIU) and covers services for holding and moving digital assets like Bitcoin and Ethereum on behalf of large clients such as banks and investment firms.

What the license means for BitGo

BitGo established a local entity, BitGo Korea, to operate under the new license. Unlike other global crypto companies that entered South Korea by acquiring existing local firms, BitGo built its Korean operations from the ground up. The company has set up local security, anti-money laundering, and internal control systems to comply with South Korean regulations.

BitGo Korea is backed by two major South Korean companies: Hana Financial Group, a financial holding company, and SK Telecom, the country’s largest mobile phone operator.

Key details about the approval

• BitGo claims it is the first global cryptocurrency firm to secure a VASP license in South Korea.
• The license allows BitGo to provide custody (safe storage) and transfer services for digital assets.
• BitGo Korea is a newly established local entity, not an acquisition of an existing company.
• The license targets institutional and enterprise clients, not retail investors.
• BitGo already has regulated entities in the U.S., Singapore, Germany, and Dubai.

Why South Korea’s institutional crypto market matters

South Korea has one of the most active retail crypto trading markets in the world. During peak periods, daily trading volumes on local crypto exchanges have often surpassed stock trading volumes. However, the retail market has seen a decline due to a global downturn in crypto prices and trading activity.

As retail trading slows, institutional interest in crypto is growing. BitGo’s managing director, Abel Seow, stated that Korean institutions are looking for secure infrastructure that meets local regulatory standards. The VASP license positions BitGo to serve this demand.

What is confirmed

• BitGo has received a VASP license from South Korea’s KoFIU.
• The license covers virtual asset custody and transfer services for institutional and enterprise clients.
• BitGo Korea is a newly established entity backed by Hana Financial Group and SK Telecom.
• BitGo claims it is the first global crypto company to secure such a license in South Korea.

What is still unclear

• No official confirmation from South Korean regulators that BitGo is the first global firm to receive this license.
• The exact timeline for when BitGo Korea will begin offering services under the license.

Sources

• CoinDesk