BitGo Korea, in which Hana Financial Group and SK Telecom hold stakes, has received approval from the Korea Financial Intelligence Unit (KoFIU) to register as a virtual asset service provider (VASP) — the first time a global digital asset firm established a new local entity and obtained VASP registration to enter the South Korean market.
BitGo Korea announced Thursday that KoFIU had approved its VASP registration.
BitGo was founded in Silicon Valley in 2013 as a digital asset infrastructure company. It was the first in the world to commercialize multi-signature wallet technology and has since expanded into custody, trading and liquidity, staking, stablecoins, and payment and settlement services.
With the registration approved, BitGo Korea plans to offer corporate clients — both domestic and international — services including virtual asset transfers, custody and management, and brokerage, arrangement and agency services for buying, selling and exchanging virtual assets. The company also intends to expand into institutional digital asset custody, wallet solutions, technology infrastructure, and asset transfer and trading.
BitGo Korea entered the local market by establishing a new entity rather than acquiring an existing domestic operator. It introduced BitGo's global technology and systems directly into Korea and built out its information security management system, along with security, anti-money laundering, internal controls and operational frameworks in line with domestic regulatory standards, before undergoing the new-operator registration review.
Hana Financial Group and SK Telecom are among the key shareholders, holding stakes of approximately 25 percent and 10 percent, respectively, and have entered into a strategic partnership with BitGo.
Chen Fang, CEO of BitGo Korea and chief revenue officer of BitGo, said any global company seeking to do business in Korea over the long term must have its technology and systems validated within the country's regulatory framework. "That is why we chose to formally establish a legal entity and go through the registration process, even if it took more time," he said.
He added that the approval would go beyond a single company's entry into Korea and serve as a model that redefines the standards of regulatory compliance and accountability required of foreign operators entering the Korean market. "We will do our utmost to support the digital transformation of Korea's financial industry and protect users, drawing on BitGo's technological capabilities and regulatory compliance experience," he said.
kyoung@heraldcorp.com
