BitGo Becomes First Foreign Crypto Firm Registered in Korea

BitGo Korea finished its registration with the Financial Intelligence Unit on August 20. The company is now the first foreign crypto firm to enter Korea via direct registration. It did not acquire a local license. It built its own entity in 2024. The move targets institutional digital asset adoption.

CEO Mike Belshe stated that Korea is more than a retail trading market. He noted the country has sophisticated financial institutions. The market has advanced technology infrastructure. Demand for regulated digital asset services is growing. Belshe believes Korea will become a key hub for institutional crypto use.

Local Partnerships Secure Market Access

Hana Financial Group holds a 25 percent stake in BitGo Korea. SK Telecom holds a 10 percent stake. These partners provide local regulatory knowledge. They help the firm navigate compliance requirements. BitGo chose this route over acquiring an existing operator. The goal is a long-term presence in the region.

Regulatory Gaps Remain Unresolved

Korean lawmakers are still debating stablecoin issuer eligibility. A proposed 20 percent ownership cap for exchange shareholders is under review. These bills have not passed the National Assembly. Regulatory uncertainty persists for foreign firms. Belshe said institutions need regulatory certainty to participate comfortably. The current framework lacks clarity on these key issues.

Global Scale Supports Local Strategy

BitGo serves approximately 5,800 clients globally. It supports 1.2 million users worldwide. The company currently focuses on custody and transfer services in Korea. It expects institutional use to expand beyond simple holding. Trading, staking, and financing activities are growing. Belshe stated that Korea will develop its own path. The firm is preparing for this institutional shift. As reported by GN markets/crypto, the entry signals a new phase for foreign crypto firms in Asia.