The Financial Action Task Force (FATF) is a global body that establishes standards to prevent money laundering, terrorist financing, and the financing of weapons of mass destruction proliferation. In June 2019, FATF finalized amendments to its global standards to include anti-money laundering and counter-terrorism financing (AML/CFT) requirements for virtual assets and virtual asset service providers (VASPs). It established a Virtual Assets Contact Group to promote implementation and engage with the private sector. A 12-month review was agreed upon to measure implementation progress and monitor changes in the virtual assets sector. This report presents the findings of the review, indicating progress in both the public and private sectors' implementation of the revised standards. 35 out of 54 reporting jurisdictions have implemented the revised standards, with 32 regulating VASPs and three prohibiting their operation. While supervision and AML/CFT obligations implementation by VASPs are still emerging, progress has been made, particularly in technological solutions for implementing the 'travel rule' for VASPs, though challenges remain for both sectors.