BitGo Korea obtains VASP license to provide institutional cryptocurrency custody solutions
South Korean authorities approved BitGo Korea's VASP registration application on Tuesday, just 48 hours ahead of the implementation of more stringent licensing requirements for virtual asset service providers.
BitGo Korea has obtained virtual asset service provider (VASP) registration in South Korea, establishing a regulatory framework that enables the firm to deliver digital asset custody solutions to institutional clients.
In an announcement made on Thursday, BitGo revealed that the Korea Financial Intelligence Unit had approved the VASP registration for its Korean subsidiary, granting authorization to deliver virtual asset custody and transfer capabilities to enterprise and institutional customers.
According to the company, it chose to establish the Korean entity from the ground up rather than purchasing an already-registered provider, noting that it had developed security infrastructure, anti-money laundering protocols, internal control systems and operational procedures specifically designed to meet South Korean regulatory standards.
Strategic ownership stakes in BitGo Korea are held by Hana Financial Group and telecommunications giant SK Telecom.
The VASP registration received approval on Tuesday, as reported by Yonhap News Agency, arriving just two days ahead of the implementation date for South Korea's enhanced regulatory requirements governing VASPs.
Based on information from the country's Financial Services Commission, the revised regulations broaden the oversight of shareholders and mandate that applicants demonstrate compliance with financial stability, cybersecurity protection, internal governance and AML requirements.
BitGo had not provided a response to Cointelegraph's inquiry seeking further information at the time of publication.