[INTERVIEW] Korea is more than retail crypto market: BitGo CEO

BitGo CEO Mike Belshe said Korea is more than a retail crypto market and could become important for institutional digital asset adoption. He said BitGo Korea completed registration as a virtual asset service provider on Aug. 20, becoming the first foreign crypto company to enter the Korean market through direct registration. Belshe said the company is starting with custody and transfer, while Korea still faces unresolved policy questions on stablecoin issuers and exchange ownership caps.

BitGo Korea completed registration with the Financial Intelligence Unit under the Financial Services Commission on Aug. 20.

The registration made BitGo the first foreign crypto company to enter the Korean market through direct registration.

Hana Financial Group and SK Telecom hold 25 percent and 10 percent stakes, respectively, in BitGo Korea.

Related bills have yet to pass the National Assembly, and lawmakers and regulators are still debating eligibility requirements for stablecoin issuers and a proposed 20 percent ownership cap on major shareholders of cryptocurrency exchanges.

BitGo currently serves about 5,800 clients and 1.2 million users globally.

Published Sep 11, 2026 12:00 pm KST

US crypto firm eyes institutional growth after becoming 1st foreign operator to register in Korea

BitGo logo / Reuters-Yonhap

BitGo CEO Mike Belshe / Courtesy of BitGo

Global crypto companies often underestimate Korea by viewing it primarily as a retail trading market, but that perception overlooks the country’s sophisticated financial institutions, advanced technology infrastructure and growing demand for regulated digital asset services, BitGo CEO Mike Belshe said.

These factors could make Korea an important market for institutional crypto adoption, he said.

"The biggest issue is not whether there is interest," Belshe told The Korea Times in a written interview. "It is whether Korean institutions have the infrastructure and regulatory certainty to participate comfortably."

On Aug. 20, BitGo Korea, the Korean arm of the U.S.-based global digital asset infrastructure company, completed its registration as a virtual asset service provider with the Financial Intelligence Unit under the Financial Services Commission, the country’s top financial regulator, becoming the first foreign crypto company to enter the Korean market through direct registration.

Rather than entering the market by acquiring an already licensed local operator, BitGo established its own Korean entity in 2024. The move required the company to build its compliance, security and operational systems around Korean regulatory requirements from the outset. Hana Financial Group and SK Telecom also hold stakes of 25 percent and 10 percent, respectively, in BitGo Korea.

Belshe said BitGo took the less common route because it wanted to build a long-term presence in Korea.

"You have to spend time with institutions, understand how they operate and build around the local regulatory framework. That was a big part of our decision to establish BitGo Korea rather than serve the market from elsewhere," he added.

The move also reflects BitGo's expectation that institutional use of digital assets in Korea will continue to expand.

"What we are seeing is that institutions are doing more with digital assets, not just holding them, but trading, staking, financing and moving them," he said. "We believe Korea will develop in a similar direction, although it will have its own path."

[EXPLAINER] Institutions jockey for position in Korea's crypto market

Presidential policy chief's exit fuels hopes for softer crypto regulation

Korea is working to establish a broader legal framework for digital assets as institutional interest grows, but several key policy questions remain unresolved. Related bills have yet to pass the National Assembly, with lawmakers and regulators continuing to debate issues including eligibility requirements for stablecoin issuers and a proposed 20 percent ownership cap on major shareholders of cryptocurrency exchanges.

The regulatory uncertainty has not stopped companies from preparing for a more institutionalized digital asset market.

Traditional financial groups are exploring partnerships and investments in cryptocurrency businesses, while technology and payment companies are examining the use of stablecoins and blockchain-based systems for faster and lower-cost settlement.

Belshe said the immediate challenge for BitGo is ensuring that infrastructure around digital assets can meet the standards Korean financial institutions already expect from conventional financial markets. Institutions require regulated custody, stronger compliance and security infrastructure.

The company plans to expand its Korean team as demand develops, with the size and pace of that expansion determined by the services local clients require.

"We are starting with custody and transfer, but we see that as the foundation rather than the end point," Belshe said. "Ultimately, we want to connect Korea's financial system with the infrastructure being built around digital assets."

BitGo首席执行官Mike Belshe表示，韩国不仅仅是一个零售加密货币市场，它还可能成为机构采用数字资产的重要市场。他表示，BitGo韩国公司已于8月20日完成虚拟资产服务提供商的注册，成为首家通过直接注册进入韩国市场的外国加密货币公司。Belshe表示，该公司目前正从托管和转账业务入手，而韩国在稳定币发行方和交易所持仓上限等政策问题上仍存在一些悬而未决的问题。

BitGo Korea于8月20日完成了在金融服务委员会金融情报部门的注册。

此次注册使 BitGo 成为第一家通过直接注册进入韩国市场的外国加密货币公司。

Hana Financial Group 和 SK Telecom 分别持有 BitGo Korea 25% 和 10% 的股份。

相关法案尚未在国民议会获得通过，立法者和监管机构仍在讨论稳定币发行者的资格要求以及对加密货币交易所主要股东20%的持股上限提案。

BitGo 目前在全球拥有约 5800 家客户和 120 万用户。

发布于2026年9月11日韩国时间下午12:00

美国加密货币公司成为首家在韩国注册的外国运营商，着眼于机构增长。

BitGo标志 / 路透社-韩联社

BitGo首席执行官迈克·贝尔舍/图片由BitGo提供

BitGo 首席执行官 Mike Belshe 表示，全球加密货币公司往往低估了韩国，主要将其视为零售交易市场，但这种看法忽略了该国成熟的金融机构、先进的技术基础设施以及对受监管的数字资产服务日益增长的需求。

他表示，这些因素可能使韩国成为机构采用加密货币的重要市场。

贝尔舍在接受《韩国时报》书面采访时表示：“最大的问题不在于是否有人感兴趣，而在于韩国机构是否具备参与所需的基础设施和监管确定性。”

8 月 20 日，总部位于美国的全球数字资产基础设施公司 BitGo 的韩国分公司 BitGo Korea 完成了在韩国最高金融监管机构金融服务委员会下属金融情报部门的虚拟资产服务提供商注册，成为第一家通过直接注册进入韩国市场的外国加密货币公司。

BitGo并未选择通过收购已获许可的本地运营商进入市场，而是于2024年成立了自己的韩国实体。此举要求该公司从一开始就围绕韩国的监管要求构建其合规、安全和运营体系。韩亚金融集团和SK电信分别持有BitGo韩国25%和10%的股份。

贝尔舍表示，BitGo之所以选择这条不太常见的道路，是因为它想在韩国建立长期的业务。

“你必须花时间与机构打交道，了解它们的运作方式，并围绕当地的监管框架进行建设。这正是我们决定在韩国设立BitGo而不是从其他地方服务市场的重要原因之一，”他补充道。

此举也反映出 BitGo 预期韩国机构对数字资产的使用将继续扩大。

他表示：“我们看到，机构对数字资产的使用越来越频繁，不仅持有，还进行交易、质押、融资和转移。我们相信韩国的发展方向与之类似，尽管它会走出自己的道路。”

【解读】机构竞相争夺韩国加密货币市场地位

总统政策主管离职，令外界对放宽加密货币监管的希望大增。

随着机构投资者对数字资产的兴趣日益浓厚，韩国正致力于建立更广泛的数字资产法律框架，但一些关键政策问题仍悬而未决。相关法案尚未在国会获得通过，议员和监管机构仍在就稳定币发行人的资格要求以及加密货币交易所主要股东持股比例上限20%等问题进行辩论。

监管的不确定性并没有阻止企业为更加制度化的数字资产市场做好准备。

传统金融集团正在探索与加密货币企业建立合作关系和进行投资，而科技和支付公司正在研究使用稳定币和基于区块链的系统来实现更快、更低成本的结算。

贝尔舍表示，BitGo面临的当务之急是确保其数字资产基础设施能够达到韩国金融机构对传统金融市场已有的标准。这些机构要求受监管的托管服务、更严格的合规性和安全性基础设施。

随着市场需求的增长，该公司计划扩大其韩国团队，而扩张的规模和速度将取决于当地客户所需的服务。

贝尔舍表示：“我们从托管和转移入手，但我们认为这只是基础，而非终点。最终，我们希望将韩国的金融体系与围绕数字资产构建的基础设施连接起来。”