BitGo Korea has received approval from South Korea's Korea Financial Intelligence Unit to operate as a virtual asset service provider, according to reports from The Korea Herald and The Korea Times.

The registration allows BitGo's Korean unit to provide virtual asset custody, transfer and management services, with an emphasis on institutional and corporate clients. The approval is notable because foreign crypto firms have often entered South Korea by investing in or acquiring local licensed operators rather than registering a new local entity directly.

BitGo Korea is backed by Korean partners as well as its US parent. The Korea Herald reported that Hana Financial Group and SK Telecom hold stakes of 25 percent and 10 percent, respectively, after forming strategic partnerships with BitGo. The Korea Times reported that BitGo established the Korean venture in 2024.

The license gives BitGo a regulated base in one of Asia's most active crypto markets at a time when local oversight of exchanges, custody providers and transfer services remains tight. The company told local media that direct registration was needed to bring its technology and operational systems into Korea under the country's compliance framework.

BitGo framed the approval as a path for longer-term Korean operations rather than a limited market entry. For institutions, the immediate change is narrower: a foreign-owned digital asset custody and transfer provider can now operate under domestic VASP registration.