Regulators reportedly accepted BitGo Korea’s registration on Tuesday, two days before stricter VASP entry requirements took effect.
BitGo Korea has secured a virtual asset service provider (VASP) registration in South Korea, providing a regulatory foundation to offer digital asset custody services to institutions.
On Thursday, BitGo announced that the Korea Financial Intelligence Unit accepted its local entity’s VASP registration, allowing it to provide virtual asset custody and transfer services to institutional and enterprise clients.
The company said it established the local entity instead of acquiring an existing registered provider and said it had built security, anti-money laundering, internal control and operational frameworks tailored to South Korean requirements.
Hana Financial Group and telecommunications company SK Telecom are strategic shareholders in BitGo Korea.
The registration was accepted on Tuesday, according to Yonhap News Agency, two days before South Korea’s stricter entry requirements for VASPs took effect.
According to the country’s Financial Services Commission, the updated rules expand scrutiny of shareholders and require applicants to satisfy financial soundness, cybersecurity, internal control and AML standards.
BitGo did not immediately respond to Cointelegraph’s request for additional details.
Related: BitGo posts $19M Q2 loss despite 80% revenue surge to $4.3B
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