BitGo Korea Completes VASP Registration, First Global Firm to Establish New Entity

BitGo Korea, the South Korean arm of global digital asset infrastructure provider BitGo, has achieved a significant milestone by completing its virtual asset service provider (VASP) registration. This achievement is particularly noteworthy as it represents the first time a global company has established a new subsidiary in South Korea and navigated the VASP registration process independently since the system's inception.

The registration, approved by South Korea's Financial Intelligence Unit (FIU), allows BitGo Korea to legally offer services such as trading, exchange, custody, and management of digital assets to domestic individuals and corporations. This direct approach contrasts with previous methods where foreign firms acquired existing registered Korean businesses to enter the market.

BitGo, founded in Silicon Valley in 2013 by Michael Belshe, a key figure in the development of Netscape and Google Chrome, has a strong track record in digital asset infrastructure. The company pioneered multi-signature digital wallets and offers a suite of services including key management, authorization systems, and security controls through APIs. BitGo serves over 5,800 institutional clients in more than 100 countries and was listed on the New York Stock Exchange in January 2026.

BitGo Korea's establishment involved significant investment, with Hana Financial Group and SK Telecom holding approximately 25% and 10% stakes, respectively. Chen Fang, CEO of BitGo Korea and Chief Revenue Officer at BitGo, emphasized the company's commitment to the Korean market, stating, "We have verified our technology and systems within the Korean regulatory framework to conduct long-term business targeting Korean customers."

The successful registration process, which included obtaining Information Security Management System (ISMS) certification and building systems compliant with domestic regulations, is seen as a strategic move. It signals the financial authorities' preference for companies that invest in building compliant systems rather than relying on acquisitions, setting a precedent for future foreign entrants into South Korea's digital asset market.