South Korea's Financial Intelligence Unit accepted BitGo Korea's VASP registration, the first time a foreign crypto firm has earned the status directly through a locally built subsidiary rather than by buying an existing licensed operator.

The registration, accepted on August 18, lets BitGo Korea provide virtual asset transfers, custody and management, with a focus on institutional custody and enterprise services. Since Korea's VASP regime took effect under the Act on Reporting and Using Specified Financial Transaction Information, most foreign players have entered by acquiring a licensed local operator; BitGo instead stood up a new entity and cleared the rules itself.

BitGo, one of the oldest and largest institutional crypto custodians, counts Hana Financial Group and SK Telecom among BitGo Korea's major shareholders, a roughly two-year push that has now cleared the regulator.

The direct route gives BitGo a clean, compliant base in one of Asia's largest crypto markets, and a template other global firms may follow into Korea.

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