This post has been previously published by Coindesk.

The majority of countries overseen by the Financial Action Task Force (FATF) have yet to put in place its requirements for firms that handle cryptocurrencies.

Speaking Friday on the occasion of its second 12-month review of progress on crypto regulation, the intergovernmental anti-money laundering (AML) watchdog said so far, 58 out of 128 reporting jurisdictions have implemented its revised standards. 

Of those, 52 are regulating virtual asset service providers (VASPs), and six are prohibiting the operation of VASPs.

Implementing regulations built for traditional finance on pseudonymous-by-design crypto has been challenging. That said, it’s been over two years since the FATF announced crypto would come under its AML rules, and the regulator is now asking stragglers to get their houses in order. 

The private sector was praised for its progress in developing technology to implement the FATF’s “travel rule,” which requires companies to identify and share data on those involved in crypto transactions over a certain amount.

“However, the majority of jurisdictions have not yet implemented the FATFs requirements, including the ‘travel rule,’” the FATF said in a press statement. “This disincentivizes further investment in the necessary technology solutions and compliance infrastructure.”

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