BitGo Korea obtained a virtual asset service provider (VASP) registration in South Korea, enabling it to offer crypto asset custody and transfer services to institutional and enterprise clients. South Korea’s financial intelligence unit accepted the registration on Tuesday, two days before stricter VASP entry requirements took effect. Hana Financial Group and SK Telecom are strategic shareholders of BitGo Korea. The new rules expand scrutiny of shareholders and require compliance with financial soundness, cybersecurity, internal control and AML standards. BitGo posted a loss of $19 million in the second quarter, despite an 80% surge in revenue to $4.3 billion.
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