BitGo Korea Becomes the First Foreign Crypto Firm to Directly Obtain a VASP License in South Korea

iconTechFlow
Share
This is the logo of the coin.
BTC
$82,109.40-1.35%
This is the logo of the coin.
ETH
$2,489.05-3.69%
AI summary iconSummary
BitGo Korea received VASP regulatory approval from South Korea’s Financial Intelligence Unit on August 18. The subsidiary became the first foreign company to directly obtain VASP registration without acquiring an existing license. It plans to provide custody and transfer services for financial institutions and corporate clients. BitGo Korea operates under the same parent company as BitGo, a global virtual asset infrastructure firm. This move aligns with global regulatory trends such as MiCA, which aims to standardize crypto service regulations.

According to Yonhap News, global virtual asset infrastructure company BitGo announced that its Korean subsidiary, BitGo Korea, received acceptance from the Financial Intelligence Unit (FIU) of South Korea for its VASP (Virtual Asset Service Provider) registration application on August 18, becoming the first foreign crypto company to directly complete VASP registration in Korea. BitGo Korea, established in 2024, chose to directly comply with regulatory requirements rather than follow the industry norm of acquiring an existing VASP. It will now officially launch virtual asset custody and transfer services in Korea, focusing on expanding its business to financial institutions and corporate clients.

Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information. Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.