BitGo Korea Obtains VASP Registration for Institutional Crypto Custody
3h ago · 1 source
BitGo's South Korean subsidiary has secured a Virtual Asset Service Provider (VASP) registration, allowing it to offer institutional crypto custody services in the country. The registration marks BitGo's formal entry into the South Korean market under the country's regulatory framework for digital assets.
WHY IT MATTERS
Think of crypto custody like a bank vault for digital assets. Large institutions such as investment funds and corporations often cannot hold crypto themselves — they need a licensed, regulated company to store it securely on their behalf. A VASP registration is essentially a government-issued license that says a company has met the legal requirements to handle crypto in a particular country. BitGo obtaining this registration in South Korea means it can now legally offer these safekeeping services to institutional clients there, which could make it easier for large organizations in South Korea to participate in the crypto market through a regulated provider.
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