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FollowingCryptocurrency Regulation Trends
According to Yonhap News Agency, the Korea Financial Intelligence Service accepted BitGo Korea's virtual asset service provider (VASP) registration application on August 18. Two days later, the country's new version of access requirements for crypto companies officially came into effect. This approval allows BitGo Korea to provide virtual asset custody and transfer services to institutional and corporate customers in South Korea. BitGo released the news on August 20.
South Korea tightens VASP entry standards
BitGo said that the company did not enter the market by acquiring existing registered companies, but instead established a new local entity. In accordance with Korean regulatory standards, the company has built a complete framework covering security, anti-money laundering, internal control and operational processes.
Asiana financial group and telecommunications company SK Telecom holds a strategic stake in BitGo Korea. Both companies occupy important positions in South Korea's financial and technology sectors.
Korea's Financial Services Commission has expanded the scope of VASP regulatory rules from August 20. The new rules require a broader review of applicants 'shareholders and mandate compliance with financial soundness, cybersecurity, internal control and anti-money laundering standards.
BitGo built its own local entity instead of acquiring
BitGo's decision to establish a new entity instead of acquiring a registered company sets it sharply apart from other foreign companies that enter the Korean market through acquisitions. The company said this approach allows it to build compliance infrastructure that meets local requirements from the outset.
