NYDFS and Bank of England Partner to Strengthen Crypto Oversight

The New York Department of Financial Services (NYDFS) has launched a new initiative to collaborate with the Bank of England on improving oversight of digital assets and payment systems.
Known as the Transatlantic Regulatory Exchange, the program will involve a six-month exchange of staff between the two organizations starting in February. The goal is to enhance cooperation and share expertise on regulating the rapidly evolving digital asset sector.
NYDFS Superintendent Adrienne Harris, who has been at the helm since 2022, highlighted the program’s significance in fostering global alignment on crypto regulation.
The NYDFS, known for its pioneering BitLicense framework introduced in 2015, sees this partnership as a critical step toward creating more effective oversight in the digital financial landscape.
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While the UK and the US take different stances on digital currencies—such as the UK’s exploration of a central bank digital currency compared to the US’s hesitance to adopt a digital dollar—this collaboration aims to bridge the gap in regulatory strategies.
By exchanging knowledge and practices, both regulators hope to better address the complexities of the crypto ecosystem and enhance their approach to emerging financial technologies.