Finst

BitGo Gets First VASP License in South Korea

KoFIU's approval gives BitGo access to institutional custody and transfer services in a tightly regulated market. South Korea has tightened VASP rules and anti-money laundering checks even further in recent years.

By Zenz van der Wielen
• 2 min read
BitGo Gets First VASP License in South Korea

Key Takeaways

  • BitGo became the first global crypto company to get a VASP license in South Korea.
  • The license gives access to custody and transfer services for institutional and business clients through BitGo Korea.
  • South Korea has tightened oversight of crypto service providers even further in recent years.

BitGo has become the first global crypto company to receive a VASP license in South Korea. That gives the publicly traded custody player access to institutional clients in one of the most active crypto markets in the world.

New Korean Entity

The approval came through the Korea Financial Intelligence Unit, which gave BitGo permission for custody and transfer services for institutional and business clients. Instead of buying a local company, the firm chose a new entity, BitGo Korea, which was built from the ground up.

BitGo said it set up local security, anti-money laundering, and internal control frameworks for this. The company already has regulated units in the United States, Singapore, Germany, and Dubai. BitGo went public on the New York Stock Exchange earlier this year with a valuation of $2 billion (€1.7 billion).

South Korea Tightens Oversight

The move fits into a market where the rules for crypto service providers have become stricter in recent years. South Korea requires VASPs to register with KoFIU and comply with anti-money laundering and terrorism financing rules. Since July 2024, the Virtual Asset User Protection Act has also been in effect, requiring providers to separate customer funds and keep a large share of deposits in cold storage.

Broader oversight has also tightened. In 2025, the Financial Services Commission approved only two new VASP registrations, showing how limited the room is for new entrants. On top of that, the 1 million won reporting threshold for crypto transfers was removed in 2026, putting more transactions under scrutiny.

Why This Matters for Europe

For European crypto investors, this license shows how important local regulation is for access to institutional clients. South Korea combines a large retail market with stricter requirements for custody, compliance, and reporting, giving approved firms a clearer path to business services. That makes the market an interesting example of how oversight and growth in crypto are becoming more closely linked.

BitGo shares rose 16% on Wednesday as crypto prices climbed. In premarket trading, the stock was still up 3.2%.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.