On 30 June 2022, the Financial Action Task Force (FATF) issued a targeted update concerning the implementation of its Standards on virtual assets (VAs) and virtual asset service providers (VASPs), with a focus on FATF’s Travel Rule. The FATF has found that many countries need to strengthen understanding of money laundering / terrorist financing risks of the VA and VASP sector and to rapidly implement FATF’s Recommendation 15 and its Interpretative Note to mitigate such risks. In particular, the FATF has also found that jurisdictions have made only limited progress over the last year in implementing FATF’s Travel Rule requirement. Of the 98 jurisdictions that responded to FATF’s March 2022 survey, only 29 jurisdictions have passed relevant Travel Rule laws, and a small subset of these jurisdictions have started enforcement.