BitGo secures South Korea virtual asset license, says it's the first global crypto company to do so
BitGo has become the first global cryptocurrency firm to receive a virtual asset license in South Korea, allowing it to provide custody and transfer services. The company, which is publicly traded, established a local entity with support from major Korean strategic partners.
Why it matters
This expansion marks a significant step for institutional crypto adoption in South Korea, a market known for high retail trading activity.
The company, which went public on the New York Stock Exchange (NYSE) earlier this year at a $2 billion valuation, established a local entity, BitGo Korea, to add to existing regulated units in the U.S., Singapore, Germany, and Dubai. The Korea Financial Intelligence Unit (KoFIU) approval covers virtual asset custody and transfer services for institutional and enterprise clients, BitGo said Wednesday.
South Korea's retail crypto traders are considered to be particularly active, with daily volumes on local exchanges regularly outpacing those of stocks during peak periods. Now, the institutional crypto market is drawing increasing attention as retail trading is hit by a weak global crypto market that saw volumes drop and the two largest exchanges, Upbit and Bithumb, report slumping first-half retail trading profit .
“Korean institutions are looking for infrastructure that combines institutional-grade security with local support and regulatory alignment,” said Abel Seow, managing director at BitGo.
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