Crypto Asset Service Provider Compliance: Key Obligations, Risk Controls, and Regulatory Trends Crypto asset service provider (CASP) compliance has become a central requirement for firms operating in digital asset markets. As regulators worldwide seek to reduce fraud, money laundering, terrorist financing, and consumer harm, CASPs are expected to implement robust governance, risk management, and operational controls. Compliance is no longer a purely legal exercise; it directly affects product design, customer experience, technology architecture, and ongoing monitoring. This report outlines the main compliance obligations for CASPs, the practical controls firms use to meet them, and emerging regulatory trends shaping the future of the sector. At a high level, CASPs are intermediaries that provide services such as crypto-to-fiat exchange, crypto-to-crypto exchange, custody or safekeeping, transfer services, trading platforms, and related activities. Because these services can facilitate illicit finance and enable market abuse, regulators typically require CASPs to obtain authorization or registration, maintain adequate capital, follow conduct-of-business rules, and implement anti-money laundering and counter-terrorist financing (AML/CFT) programs. In addition, many jurisdictions impose requirements for cybersecurity, data protection, outsourcing controls, and consumer protection. While the details vary by country, the compliance themes are broadly consistent: know your customer (KYC), know your transaction and counterparty, maintain effective controls, report suspicious activity, and ensure transparency. A foundational obligation for most CASPs is AML/CFT compliance. Regulators generally require a risk-based approach, meaning firms must identify and assess the risks of their products, services, customers, geographies, and delivery channels. This risk assessment should be documented and reviewed periodically, with adjustments when the firm launches new products or enters new markets.