The registration, finalized on August 18, authorizes BitGo Korea to provide institutional custody and transfer services. Rather than acquiring an existing license holder, the company—founded in 2024—built its own regulatory pathway. While the firm has not disclosed specific launch dates or pricing structures, CEO Mike Belshe described the move as a foundational step toward integrating global infrastructure with the Korean market.
In section Cryptocurrency
BitGo Korea Clears Regulatory Hurdle for Institutional Crypto Custody
BitGo Korea has secured virtual asset service provider registration from South Korea’s Financial Intelligence Unit, marking the first time a local entity majority-owned by an overseas firm has navigated the process independently. The approval arrives just before the implementation of significantly stricter regulatory oversight for crypto businesses in the country.
Strategic partners Hana Financial Group and SK Telecom, which hold 25% and 10% stakes respectively, remain central to the venture. Their involvement aims to bridge financial-sector expertise with local authentication and security standards. This development comes as South Korea intensifies its scrutiny of the sector, with new rules effective August 20 mandating comprehensive reviews of major shareholders and executive backgrounds. Furthermore, the Financial Services Commission is phasing out the 1 million won threshold for "Travel Rule" checks, requiring identification for transfers of all sizes between domestic providers.
Comments (0)
No comments yet. Be the first!