Apr 01, 2025

6 min read

Compliance digest—March 2025

Learn about all the latest compliance updates from the past month.

Arina Rumyanceva

Legal Counsel at Sumsub

Every month, Sumsub’s Compliance Team prepares a digest with all the latest updates in the world of AML and beyond. We cover multiple industries from crypto to gaming.

If you want to get the latest news every month in one place, subscribe to our newsletter.

Crypto

Turkey 🇹🇷

Turkey’s Capital Markets Board updates regulations for CASPs

What happened? On March 13, the Turkish Capital Markets Board (CMB) issued new rules regarding the licensing and operational oversight of crypto asset service providers (CASPs) outlined in Communiqué No. III-35/B.2. The new regulations impose stricter oversight on platforms, custody services, and foreign providers.

Key changes include:

Licensing requirements for CASPs, including updated approach for remote identification and verification
Restrictions on foreign CASPs (reverse solicitation principle)
Listing standards and operational guidelines for platforms
Custody service limitations (banks and authorized institutions only)
Capital adequacy requirements
Integration with the Turkish Central Securities Depository.

Who’s affected?

Local CASPs: These include platforms facilitating crypto transactions, custody providers, and those offering crypto-related financial services in Turkey.
Foreign CASPs. Non-resident CASPs serving Turkish users face restrictions on active marketing and local presence.

Deadline:

June 30, 2025: Platforms already listed as operational by the CMB or those that have applied for authorization before March 13, 2025 must meet custody infrastructure requirements by this date.
June 30, 2025: Capital and equity compliance must also be achieved by this deadline.

USA 🇺🇸

President Trump establishes a Strategic Bitcoin Reserve and a US Digital Asset Stockpile

What happened? On March 6, President Donald J. Trump signed an Executive Order to establish a Strategic Bitcoin Reserve and a US Digital Asset Stockpile. This move aims to position the United States as a leader in government digital asset strategy:

Strategic Bitcoin Reserve: The reserve will be capitalized with bitcoin seized through criminal or civil asset forfeiture proceedings. Other agencies will evaluate transferring their bitcoin holdings to this reserve. The US will not sell bitcoin in this reserve, maintaining it as a store of value.
US Digital Asset Stockpile: This stockpile consists of digital assets other than bitcoin, also obtained through forfeiture. No additional assets will be acquired beyond those from forfeiture proceedings. The Secretary of the Treasury may decide on strategies for responsible stewardship, including potential sales.

Who’s affected?

US taxpayers: The strategies for acquiring additional bitcoin are designed to be budget-neutral, imposing no incremental costs on taxpayers.
Federal agencies: Agencies must provide a full accounting of their digital asset holdings to the Secretary of the Treasury and the President’s Working Group on Digital Asset Markets.
Cryptocurrency industry: This move could impact the broader cryptocurrency market by positioning the US as a significant player in digital assets.

Deadline: N/A

US lawmakers push to overturn the tax reporting rule for digital asset brokers

What happened? On March 4, the US Senate passed a joint resolution to overturn a final rule requiring digital asset “brokers” to report certain decentralized finance (DeFi) transactions to the Internal Revenue Service (IRS). The House of Representatives approved a similar resolution on March 11, which must now return to the Senate for final approval before it can be signed by the President.

Who’s affected? Digital asset “brokers”

Deadline: April, 2025

Read more:

Argentina 🇦🇷

Argentina finalizes rules for VASPs

What happened? Argentina’s National Securities Commission (CNV) finalized and published rules for Virtual Asset Service Providers (VASPs) under General Resolution No. 1058. These regulations impose obligations on VASPs related to registration, cybersecurity, asset custody, money laundering prevention, and risk disclosure.

Key aspects of the rules include:

Mandatory separation of company and client funds
Annual audits
Monthly reporting to the CNV
VASPs must register with the registry of virtual asset service providers (PSAV). Non-compliance can lead to registration revocation, and unregistered companies may be blocked by court order.

Who’s affected?

VASPs (cryptocurrency exchanges and other platforms facilitating digital asset transactions) in Argentina: this includes both domestic and foreign incorporated companies.
Crypto users: The rules aim to provide greater transparency, stability, and user protection in the crypto ecosystem.

Deadline

July 1: Deadline for individuals registered with the PSAV to conform to the new rules.
August 1: Deadline for companies incorporated in Argentina to conform to the new rules.
September 1: Deadline for companies incorporated abroad to conform to the new rules.

VASPs that do not comply with the established requirements and deadlines won’t be able to operate in the country.

Thailand 🇹🇭

Thailand expands approved cryptocurrency list to include stablecoins

What happened? Last month, Thailand’s Securities and Exchange Commission (SEC) approved Tether’s USDT for cryptocurrency trading, allowing it to be listed on regulated exchanges nationwide. This approval followed a public feedback period on proposed regulatory changes finalized in February, which took effect on March 16.

With this decision, digital asset businesses in Thailand can adopt USDT and use it as a payment rail. USDT now joins a select group of approved cryptocurrencies for trading in Thailand, including Bitcoin (BTC), Ether (ETH), XRP (XRP), Stellar Lumens (XLM), and cryptocurrencies currently being tested for settlement by the Bank of Thailand

Who’s affected?

Thai crypto exchanges can now list and offer USDT for trading.
Thai crypto users now have access to USDT for trading and potentially as a payment method.
Tether benefits from increased adoption and usage of its stablecoin.
Thailand’s SEC is now responsible for overseeing the trading and use of USDT within the country.
Digital asset businesses in Thailand will now be able to adopt USDT and use it as a payment rail within the country.

Deadline: March 16, 2025: The regulatory changes that led to USDT’s approval were set to take effect on this date, officially allowing USDT trading under the new framework.

Australia 🇦🇺

Australia is developing an ‘Innovative Australian Digital Asset Industry’

What happened? The Australian government plans to extend existing financial services laws to key digital asset platforms (DAPs), drawing inspiration from the EU and Singapore.

A regulatory framework is being developed for DAPs—online platforms that hold digital assets, such as cryptocurrencies, on behalf of consumers. Under the government’s Payments Licensing Reforms, these platforms will be classified as Stored-Value Facilities (SVFs).

Key focus areas include:

Establishing a regulatory framework for Digital Asset Platforms (DAPs).
Developing a framework for payment stablecoins.
Reviewing Australia’s Enhanced Regulatory Sandbox.
Exploring the potential of digital asset technology in financial markets.

Who’s affected? Market stakeholders, Digital Asset Platforms (DAPs)

Deadline: N/A. The government will seek stakeholder feedback on commencement dates and transition methods. ASIC is updating Information Sheet 225 (INFO 225) based on stakeholder feedback. Draft legislation is planned for public consultation in 2025.

Gambling

Denmark 🇩🇰

Danish Gambling Authority continues efforts to combat illegal gambling

What happened?

The Danish Gambling Authority published its annual report for 2024, detailing its efforts to combat illegal gambling in Denmark.

Who’s affected? Gamblers in Denmark

Deadline: N/A

Suggested read: What is Responsible Gaming?

Finland 🇫🇮

The Finnish government introduced a gambling system reform

What happened? Last month, the Finnish government submitted a bill to Parliament to end Veikkaus’ monopoly on online betting and casino games. The bill proposes shifting to a licensing model, allowing private operators to apply for licenses to offer these services. This move aims to align Finland with other European countries, such as Sweden and Denmark, that have already adopted similar systems.

Who’s affected?

Veikkaus will lose its exclusive rights to online betting and casino games but retains its monopoly over lottery draws, scratch cards, and land-based operations.
Private gambling operators will have an opportunity to enter the Finnish market and apply for licenses to offer online sports betting and casino games.
Finnish consumers will have access to a wider range of online gambling options from licensed operators. The reform also includes measures for better consumer protection, such as unified self-exclusion, financial limits, and real-time loss tracking.
The Finnish government will gain revenue through corporate taxes and license fees from private operators. Veikkaus will continue to provide dividends to the state.
The Finnish Competition and Consumer Authority, since around 50% of Finnish online gambling expenditure currently goes to offshore operators
Influencers, as the bill includes a ban on influencer marketing

Deadline:

2026: A new licensing and supervisory body is set to be established. Licenses for private operators could be issued from early 2026, pending parliamentary approval of the bill.
January 2027: The licensing model for private operators is expected to come into force. The new regulatory body will assume full regulatory control from the National Police Board.

Thailand 🇹🇭

Thailand’s cabinet approved a draft law to legalize casinos

What happened? Thailand’s cabinet approved a draft law to legalize casinos within entertainment complexes. The legislation will include regulations and safeguards to prevent underage gambling and curb addiction. The move is also expected to boost tourism, potentially generating up to 230 billion baht (6.79 billion USD) in revenue.

Who’s affected?

Casinos and gamblers
Thailand’s tourism industry: The legalization aims to attract large-scale investments and boost the tourism industry.
Tourists: The initiative is projected to increase annual tourist arrivals by 5% to 10%.

Deadline: No deadline has been specified. However, the draft law will now proceed to parliament for deliberation and must receive Senate approval before royal endorsement.

Read more: Thai cabinet approves casino bill

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