FATF: Targeted update on implementation of the FATF standards on virtual assets and VASPs

This report provides an update on country compliance with FATF’s Recommendation 15 and its Interpretative Note (R.15/INR.15), including the Travel Rule and updates on emerging risks and market developments such as DeFi, P2P, NFTs, unhosted wallets, and stablecoins.  FATF notes that 75% of jurisdictions are only partially or not compliant with its requirements.  FATF highlights that jurisdictions have made insufficient progress on implementing the Travel Rule – of the 151 jurisdictions that responded to FATF’s 2023 Survey, more than half still have not taken any steps towards implementing it.