BitGo Secures South Korea Virtual Asset License

BitGo Holdings (NYSE: $BTGO) says it has become the first cryptocurrency firm to secure a virtual asset services provider license in South Korea.

The license gives BitGo, a crypto custody company, access to institutional investors in one of the world's most active markets for digital assets.

BitGo, which went public in New York earlier this year at a $2 billion U.S. valuation, has established a local operation in South Korea called "BitGo Korea."

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South Korea has proven to be a lucrative market for cryptocurrency firms, with retail crypto traders among the most active in the world.

The institutional crypto market in South Korea is getting attention as trading and custody broadens out beyond individual investors.

"Korean institutions are looking for infrastructure that combines institutional-grade security with local support and regulatory alignment," said BitGo in a statement announcing the license.

BitGo says it was awarded the South Korean license after it demonstrated that it had put local security, anti-money laundering, and internal control frameworks in place.

BTGO stock has declined 65% since the company's initial public offering (IPO) earlier this year. The shares were trading at $6.48 U.S. on Aug. 20.