BitGo Holdings, Inc. (NYSE: BTGO) announced that its South Korean subsidiary, BitGo Korea, Inc., has received acceptance of its Virtual Asset Service Provider (VASP) registration from the Korea Financial Intelligence Unit (KoFIU).

According to the company, BitGo Korea is the first newly established Korean entity of a global digital asset company to receive VASP registration acceptance under South Korea's registration regime, introduced through the Act of Reporting and Using Specified Financial Transaction Information. BitGo Korea is registered to provide virtual asset custody and transfer services to institutional and enterprise clients in South Korea.

BitGo established the entity locally rather than acquiring an existing VASP. As part of the registration process, BitGo Korea set up local security, anti-money laundering, internal control, and operational frameworks to meet Korean regulatory requirements.

Hana Financial Group and SK Telecom are strategic shareholders in BitGo Korea. BitGo Korea plans to target financial institutions, asset managers, corporates, public-sector organizations, and other qualified market participants.

"We chose to establish BitGo Korea locally and complete the VASP registration process directly because we believe serving Korean institutions requires a long-term commitment to the market and its regulatory framework," said Chen Fang, CEO of BitGo Korea and Chief Revenue Officer of BitGo.

BitGo maintains regulated entities in several markets, including the U.S., Singapore, Germany, and Dubai.