On 26 June 2025, the Financial Action Task Force (FATF) published its sixth report on the global implementation of the FATF Standards for virtual assets (VAs) and virtual asset service providers (VASPs). It provides an overview of the global implementation of FATF Recommendation 15, including the Travel Rule.

FATF Recommendation 15

The data in the report focuses on technical compliance, noting the degree to which jurisdictions have implemented the specific requirements of FATF Recommendation 15, including the framework of laws and enforceable means and the existence, powers and procedures of competent authorities. It also outlines challenges in implementing the FATF Standards in relation to VAs and VASPs, identifies progress made by the public and private sectors and highlights good practices in implementation. Finally, the report provides an overview of emerging risks relating to VAs, jurisdictions and industry responses to these risks.

Findings

The report finds that overall, jurisdictions – including those with materially important VASP activity – have made progress since 2024 towards developing or implementing anti-money laundering (AML), countering the financing of terrorism (CTF) regulation and taking supervisory and enforcement actions. However, it also highlights the need for further work on licensing and registration, and that jurisdictions continue to face difficulties in identifying natural or legal persons that conduct VASP activities. Jurisdictions have also reported challenges with mitigating the risk of offshore VASPs.

FATF has found that 99 jurisdictions have passed or are in the process of passing legislation implementing the Travel Rule. To assist global implementation of the Travel Rule, the FATF has also published a report ‘Best Practices on Travel Rule Supervision’ which provides examples of good practices that jurisdictions may consider when developing their supervisory frameworks.

Next steps

The status of implementation of FATF Recommendation 15 by FATF members and jurisdictions with materially important VASP activity will next be updated and published in 2026, as decided by the FATF Plenary in February 2024.