BitGo's Korean unit received regulatory approval to operate as a virtual asset service provider (VASP), becoming the first foreign digital asset company to secure the registration in one of the world's most active crypto markets, the company said Thursday. The Korea Financial Intelligence Unit approved BitGo Korea's registration, allowing the unit to provide digital asset custody and transfer services, focusing on institutional and corporate clients. The move gives BitGo a direct foothold in Korea, where foreign crypto companies have struggled to navigate regulatory requirements. Other overseas operators, including Binance and OKX, have instead sought entry through investments in or acquisitions of local operators that already hold VASP registrations. "We chose to establish BitGo Korea locally and complete the VASP registration process directly because we believe serving Korean institutions requires a long-term commitment to the market and its regulatory framework," Chen Fang, CEO of BitGo Korea and chief revenue officer of BitGo, said in a statement. BitGo established its Korean venture