BitGo Korea obtained Virtual Asset Service Provider (VASP) registration from South Korea’s Financial Intelligence Unit (FIU), marking the first time a Korean subsidiary of a foreign cryptocurrency firm has been registered directly rather than by acquiring an existing licensed operator. This approval allows BitGo to build its own regulated infrastructure and reflects a long-term commitment to South Korea’s regulatory framework. Meanwhile, South Korea is tightening controls on fund transfers to offshore platforms, requiring sender and recipient information regardless of transaction size, and mandating internal monitoring for transfers of 10 million won or more. The HTX-Kraken dispute over approximately $4.2 million in frozen funds illustrates the growing compliance friction affecting offshore crypto transfers.
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