BitGo Holdings, Inc. (BitGo) announced that its subsidiary, BitGo Korea, Inc. (BitGo Korea), received its Virtual Asset Service Provider (VASP) registration from the Korea Financial Intelligence Unit.

With the VASP registration, the company will be able to provide virtual asset custody and transfer services to institutional and enterprise clients in South Korea.

BitGo Korea says that it is the first newly established Korean entity of a global digital asset company to receive VASP registration acceptance for entry into the South Korean market since the country introduced the VASP registration regime.

Hana Financial Group and SK Telecom are strategic shareholders in BitGo Korea.

Chen Fang, CEO of BitGo Korea and Chief Revenue Officer of BitGo, shared,

“This approval gives us the foundation to serve institutional clients in South Korea through a locally registered entity.”

BitGo Korea aims to focus on financial institutions, asset managers, corporates, public-sector organisations, and other qualified market participants.

Mike Belshe, the CEO and Co-founder of BitGo, added,

“BitGo Korea’s VASP registration is an important milestone in our strategy to build regulated digital asset infrastructure in key markets and strengthens our ability to support institutions globally.”

Featured image edited by Fintech News Hong Kong based on an image by x on Magnific